Crypto at a glance
With Jason Deane
In a week where we saw Peter Schiff say he wished he’d bought Bitcoin, we noted the USD money supply had increased by 37% over the last 18 months, the Bitcoin mining difficulty increased by over 13% and a record $188bn was transferred over one day on the Bitcoin network, it’s hard to deny things are changing fast.
Momentum is a powerful force and, once it builds, it’s truly hard to stop it and, to me, it looks like Bitcoin’s is growing daily.
There are still those who think that Bitcoin will ultimately not succeed and will be shut down by governments (or environmentalists), wiped out by a coordinated 51% attack, broken by quantum computing or replaced by some faster proof of stake coin. However, the reality is that the time has either passed for these events to happen, the threat is not as credible as it first seems or there is a contingency.
For example, the “Bitcoin is controlled by China and they will shut it down if they want to” narrative that was so popular over the last few years has all but dropped off the radar. Bitcoin is calmly crossing them off the list, one block at a time.
But it’s not true to say that Bitcoin is unstoppable. Even with all the development and adoption we’re seeing I think there’s still at least two scenarios where Bitcoin might crash and burn. I wrote about them earlier this week in this article.
So what does the future hold? No one knows for sure, but however it plays out there’s no question it’s a fascinating time to be alive!
Have a great Bank Holiday weekend!
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: firstname.lastname@example.org 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
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 $2,019,148,489,105.
What Bitcoin did yesterday
We closed yesterday, 26 August, 2021, at a price of $48,960.79 up from $47,706.12 the day before.
The daily high yesterday was $49,202.88 and the daily low was $47,163.61
This time last year, the price of bitcoin closed the day at $11,488.36. In 2019, it closed at $10,370.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $883.18 billion. To put it into context, the market cap of gold is $11.346 trillion and Facebook is $1.038 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $34,908,261,845, up from $31,845,570,556 the day before. 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 46.97%.
Fear and Greed Index
Market sentiment today is 75.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.60, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.63. 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
“Bitcoin to $50,000. Great news for bitcoin holders. Bad news for mom and pop. The primary reason I invest in bitcoin, gold, & silver is because I do not trust our leaders, the Fed, Treasury, nor the stock market. Unfortunately mom and pop who save money do.”
Robert Kiyosaki, author of Rich Dad Poor Dad author
What they said yesterday
Crypto AM editor’s pick
BlackRock backed crypto mining company sees record Q2 results
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
Sudden rise of Solana takes crypto markets by surprise
OccamFi receives strategic investment from Cardano early stage VC Fund
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: 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 Contributor: Jilian Godsil
Jonny Fry: Taking a Byte Out of Digital Assets
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
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