Crypto at a glance
A week that started like a wet night alone in a dark forest for cryptocurrency has adopted something of a carnival vibe, with Tesla and SpaceX CEO Elon Musk yet again at the heart of it.
Having dipped briefly below $30,000 on Monday as the wider markets crashed, the Bitcoin price has rebounded back towards $32,000 today. The world’s largest cryptocurrency has now climbed four per cent over the last 24 hours, with many crediting the recovery to Elon Musk’s announcement yesterday that Tesla is “most likely” to start accepting Bitcoin as payment again.
The electric car manufacturer’s decision in May to halt the use of cryptocurrency for purchases sparked a price collapse that saw it halve in value from an all-time high of $64,000.
Speaking at The B-Word conference yesterday, Musk explained that Bitcoin’s environmental credentials had improved as miners had left China and the energy mix used to power the cryptocurrency’s creation were getting to a level he could accept.
Musk also stated that Tesla, SpaceX and himself personally all own Bitcoin. He also noted that he also holds Ethereum (ETH) and Dogecoin (DOGE) – an announcement that saw a swift rise in prices for both cryptocurrencies.
Ethereum has broken above $2,000 for the first time since July 14 and is currently changing hands around that mark, while Dogecoin is also up around six per cent to $0.19. Others, including Cardano, are also in the green today.
There have been mixed feelings about Musk’s contribution to crypto over the past few months, with many now wary of putting so much reliance on a man whose words have proven bombastic over the years. Do his views still hold such weight that the price can recover to its recent highs? It remains to be seen, but it will simply be pleasing enough for many that Bitcoin is becoming more environmentally friendly.
Cudos proudly presents the Crypto AM 3rd Birthday Unlocking Summer Party at Boisdale of Canary Wharf on Wednesday July 28…
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 ten 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 stats 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 $1,305,677,650,890.
What Bitcoin did yesterday
We closed yesterday, July 21 2021, at a price of $32,110.69, up from $29,807.35, the day before.
The daily high yesterday was $32,752.33 and the daily low was $$29,526.18.
This time last year, the price of Bitcoin closed the day at $9,525.36. In 2019, it closed at $10,343.11.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $600.79 billion. To put it into context, the market cap of gold is $11.445 trillion and Facebook is $981.72 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $26,309,040,191, up from $21,985,998,926 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 55.94%.
Fear and Greed Index
Market sentiment today is 21.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.34, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.01. 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
“It looks like Bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China. I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting Bitcoin.”
– Elon Musk speaking at The B-Word conference, an event hosted by the Crypto Council for Innovation.
What they said yesterday
Not holding back…
Crypto AM editor’s picks
Steve Jobs’ 1973 application to be auctioned in original format AND as an NFT
Surf legend Kelly Slater is ready to ride the crypto wave
Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency
Coinbase gets green light from German regulators
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