Tuesday 7 September 2021 10:58 am

Happy Bitcoin Day! Thousands pledge support as crypto becomes legal tender in El Salvador

DON’T FORGET! Less than two weeks to go to submit your entries to the Crypto AM Summit and Awards!

Crypto at a glance

An historic day lies ahead for Bitcoin.

Today, Tuesday September 7, is the day that El Salvador makes BTC legal tender.

To mark such monumental event, hundreds of thousands of people have pledged their support by purchasing $30 of Bitcoin at 8pm UK time – the moment president Nayib Bukele officially switches his nation on to crypto.

It’s a remarkable event in its own right, and one which the government of El Salvador will be introducing by depositing $30 of Bitcoin into the digital wallets of its citizens. But to add a global movement whereby people will be purchasing BTC en masse will be something to behold.

Quite what that will do to the price of the digital asset is anyone’s guess, but you’d be hard-pressed to find anyone who is expecting a quiet night on the markets. In anticipation of this evening’s entertainment, Bitcoin fell spectacularly by almost $2,000 this morning from $52,680.

Which nation will be next to accept Bitcoin as legal tender? Or, perhaps the bigger question should be will this ever happen in the UK ?

READ MORE: El Salvador makes Bitcoin legal tender

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021

Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks. 

Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.

For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: events@cityam.com using the subject line ‘CRYPTOAM SUMMIT’.

Summit & Awards Announcements 

Crypto AM Awards 2021 Judges Announced

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce Umbria Network as Silver Partner 

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,375,218,933,876. 

What Bitcoin did yesterday

We closed yesterday, September 6 2021, at a price of $52,633.54 up from $51,753.41 the day before. The daily high yesterday was $52,700.94 and the daily low was $51,053.68. 

This time last year, the price of Bitcoin closed the day at $10,369.56. In 2019, it closed at $10,517.25. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $986.78 billion. To put it into context, the market cap of gold is $11.556 trillion and Facebook is $1.06 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $40,918,439,095, up from $975,182,795,795 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 35.51%.

Fear and Greed Index

Market sentiment today is 79.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.69, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 67.50. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition. 

Convince your Nan: Soundbite of the day

“The process of Bitcoin in El Salvador has a learning curve. Every step toward the future is like this, and we will not achieve everything in a day, nor in a month…But we must break the paradigms of the past.”

– President of El Salvador, Nayib Bukele.

What they said yesterday

It’s a brave new world for El Salvador…

An upward curve…

Reads like poetry…

Crypto AM: Editor’s pick

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

Gibraltar to host first international post pandemic crypto event

CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange 

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube:

Part one…

Part two…

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

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