Thursday 3 June 2021 11:10 am

Miami Nice: Bitcoin price nears $40k as conference kicks off

It’s my last day in Dubai as permission to travel has finally been granted for Mallorca and Zürich. It’s been a fascinating visit – Crypto AM will be back here for sure! Now all eyes are on the 12,000 attendees converging on Miami for the Bitcoin 2021 conference.

Crypto at a glance

The cryptocurrency market continues to recover today, with Bitcoin (BTC) up more than four per cent over the past 24 hours at time of writing. The leading cryptocurrency by market cap is currently trading at just below $39,000 – its highest price in over a week. Can it break through the strong resistance forming at $40,000?

In favour of breaking past $40,000 is the Bitcoin 2021 Conference, currently taking place in the self-proclaimed ‘city of crypto’ Miami. The theory goes that large events are essentially a breeding ground for  bullish sentiment, producing a groundswell that drives prices higher. This idea is traditionally associated with Coindesk’s Consensus event, which took place last month. Unfortunately, this coincided with a significant price crash. Can Miami fare any better?

The good news bear is visiting everywhere today, with most other leading cryptocurrencies seeing gains yesterday. Ethereum is also back up by more than six per cent, currently changing hands above $2,800. This is a level the second largest cryptocurrency has struggled to sustain for the past week. Is it dependent on Bitcoin breaking $40k, or can it forget its own path?

The big gainers today are Polkadot (DOT), Binance Coin (BNB), and Dogecoin (DOGE), which are up around 15 per cent, 10 per cent and 10 per cent respectively. Doge in particular is still riding high off the Coinbase Pro listing and accompanying barrage of tweets from Tesla CEO Elon Musk. Maybe he hasn’t got bored of crypto after all?

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

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 $1,743,055,841,937.

What bitcoin did yesterday

We closed yesterday, June 2 2021, at a price of $37,575.18, up from $36,684.92 the day before.

The daily high yesterday was $38,231.34 and the daily low was $35,966.31.

This time last year, the price of Bitcoin closed the day at $9,529.80. In 2019, it closed at $10,801.68.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $723.47 billion. To put it into context, the market cap of gold is $12.061 trillion and Facebook is $933.29 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $35,773,398,901, up from $33,106,906,363 yesterday. 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 86.84%.

Fear and Greed Index

Market sentiment today is 24.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.30, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 41.92. 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

“Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it. If you bought a dollar a year ago and it went down 10%, you can’t take a loss because your dollar lost value.”

– Ron Paul, former presidential candidate

What they said yesterday

The major of crypto town…

Okung sticks it to the man…

Solving real problems…

Shrewd…

Crypto AM Editor writes

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Ripple XRP coin in front of laptop screen

John McAfee faces dying in prison for the same thing Elon Musk does on Twitter, says his wife

Anti-Virus Software Magnate John McAfee Back In U.S. After Fleeing Belize For Guatemala
Photo by Joe Raedle/Getty Images

Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies

How are cryptocurrencies coping this weekend?

Bruised Bitcoin heads into an uncertain weekend

China’s CMB International and Nervos Foundation launch $50m blockchain fund

Cardano teams up with Save the Children for humanitarian initiative

HMRC: We’re not clamping down on crypto

Ethiopia overhauls its educational system with IOHK blockchain partnership

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View

Crypto AM: Technically Speaking

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

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

Part one…

Part two…

Part three…

Part four…

Part five…

Crypto AM: Recommended Events

Bitcoin 2021

June 3 to 5 2021 – Miami

https://b.tc/conference

Crypto AM City of London Roundtable

Crypto AM DeFi & Digital Inclusion Summit

&

Crypto AM Awards 2021

September 29 and 30 2021

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 08:30am GMT.

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