Crypto at a glance
With Jason Deane
It’s been another week of lacklustre market performance, low volumes and consistent talk of a possible capitulation by Bitcoin down to levels not seen since, well, a few months ago.
So what, exactly, is going on?
It’s a question I’ve been asked often this week by journalists across all media looking, naturally, for explanations. The reality is, however, that the answer is probably simpler than anyone thinks. To borrow from James Carville’s famous – and rather blunt – 1992 comment “It’s the markets, stupid.”
Markets often move on momentum and sentiment rather than fundamentals. While those fundamentals, especially in Bitcoin’s case, remain extremely strong with growing adoption and use, right now it’s just not seen as enough to create the buzz that was seen back in February and March.
And you know what? That’s okay.
Quiet times like this are perfect opportunities for building and consolidating without the distraction of runaway prices as well as excellent opportunities for smart investors to quietly stack more Sats at what may one day be seen as an extremely advantageous price. At the same time, Bitcoin’s famous volatility has been tamed, at least for now, as both buyers and sellers place their orders with all the urgency of a lazy Sunday afternoon.
To me, someone who only thinks long term when it comes to Bitcoin, it’s a reminder of just how unimportant the short term price of Bitcoin really is. This is a truly generational asset, a way to hold and transfer wealth not only over long distances, but over long periods of time.
So, whether Bitcoin stays where it is, moves up or perhaps even satisfies the bears for a while, it’s all good. The future is where it’s at.
Which is great, because that’s where we’re all heading anyway.
Have a great weekend!
Cudos proudly presents the Crypto AM 3rd Birthday Unlocking Summer Party at Boisdale of Canary Wharf on Wednesday, 28th July…
The Crypto AM 3rd Birthday Unlocking Summer Party is a go!
An amazing champagne drinks reception followed by a three course summer lunch washed down with beautiful Mirabeau Azure Rosé! Followed by the chance to finally catch up and network with the community to the intoxicating beats of a Mediterranean beach club.
There will be a main keynote from Matt Hawkins, Founder & CEO of CUDOS, a community Keynote from Jason A Deane of Bitcoin Pioneers and a panel discussion around the ‘State of the Crypto Union’ moderated by Crypto AM contributor Alex Lightman.
I’m also delighted to announce that Ted Byron Baybutt the Director of British Sci-Fi Thriller ‘Slammer’ will be exhibiting an exclusive screening of the trailer to the film. He’s bringing his film crew so, who knows, attendees might end up featuring in the film?
I’m hugely grateful to our partners CUDOS, World Mobile, BEQUANT, Bitstamp, CryptoCompare, CEX.IO, Bitcoin Pioneers & GlobalBlock Digital Asset Trading whose generosity is enabling everyone to attend free of charge.
I am holding 10 tickets for readers to attend – if you’d like to apply please email me directly with your name, company and contact details explaining why you‘d like to attend. I will let the lucky applicants know who they are next Wednesday.
My email address is James.Bowater@cityam.com
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…
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 $1,307,229,550,116.
What Bitcoin did yesterday
We closed yesterday, July 15 2021, at a price of $31,780.73, down from $32,822.35, the day before.
The daily high yesterday was $33,159.64 and the daily low was $31,175.71.
This time last year, the price of Bitcoin closed the day at $9,132.23. In 2019, it closed at $9,477.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $593.07 billion. To put it into context, the market cap of gold is $11.591 trillion and Facebook is $976.7 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $23,479,499,176, up from $19,977,822,169 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 62.02%.
Fear and Greed Index
Market sentiment today is 22.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.01, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.47. 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
“I think my view has evolved a little bit, but it is pretty consistent … If people want to buy bitcoin as a substitute, no different than buying gold or some other asset, it’s fine. I don’t personally want to have it in my portfolio but if people want to that’s perfectly fine.”
– A positively ringing endorsement from former US Treasury and skeptic, Secretary Steven Mnuchin
What they said yesterday
Big Jack’s back…
Crypto AM editor’s picks
Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency
Coinbase gets green light from German regulators
Nukkleus acquires London based Match Financial
Binance given the boot by U.K. financial watchdog
Ripple outpacing Bitcoin among UK crypto investors
Crypto AM: Longer Reads
City AM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five part series – March 2021
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube…
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