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.
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.
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…
Crypto AM Editor writes
Ripple making waves against the SEC’s confusing crypto rule book
John McAfee faces dying in prison for the same thing Elon Musk does on Twitter, says his wife
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
Crypto AM: Recommended Events
June 3 to 5 2021 – Miami
Crypto AM City of London Roundtable
Crypto AM DeFi & Digital Inclusion Summit
Crypto AM Awards 2021
September 29 and 30 2021
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.