It’s another sea of red today, with all major cryptocurrencies experiencing a drop in price over the last 24 hours.
Bitcoin is down roughly three per cent to just above $33,000, keeping it within that same narrow range it’s been trading in over the last month or so. It’s a similar story for Ethereum and other major alt coins, most of which are also down around four to five per cent. There’s still talk of calm before the storm, but the calm seems to be lasting an awfully long time.
According to blockchain intelligence firm Glassnode, this period could ironically be the result of the past year’s influx of institutional investors to the space. In their daily newsletter, they noted that “2020 and 2021 marked the arrival of financial institutions into the crypto space. We celebrated, we cheered. But we forgot one thing: The people who work at these giants of finance love a summer holiday”. When they get back from their beach houses, will it be all systems go again?
There may be quiet on the price front, but the rumour mill is still swirling away. The big gossip doing the rounds yesterday was that Apple is set to announce a massive investment in Bitcoin. While easy to chalk up as more social media fantasyland, it even made its way into the mainstream media. With nearly $200bn in cash at the last quarterly report, even a tiny portion would be a huge sum. But is there any truth to it, or is it just wishful thinking from Bitcoin fans?
Back in the real world, South America’s love affair with Bitcoin continues to go from strength-to-strength. Argentine congressman José Luis Ramón last week presented a bill that would allow workers to receive their full or partial salary in Bitcoin. Ramón explained that doing so would mean “Argentines can strengthen their autonomy and preserve the purchasing power of their remuneration”.
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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…https://www.cityam.com/flat-weekend-for-crypto-but-future-looking-brighter-than-ever/
*Definitions and insights can be found at https://bytetree.com/insights/
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,343,880,583,037.
We closed yesterday, July 12 2021, at a price of $33,155.85, down from $34,240.19, the day before.
The daily high yesterday was $34,592.16 and the daily low was $32,697.31.
This time last year, the price of Bitcoin closed the day at $9,243.61. In 2019, it closed at $11,392.38.
Bitcoin’s market capitalisation at time of writing is $618.98 billion. To put it into context, the market cap of gold is $11.508 trillion and Facebook is $1.001 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $22,184,868,490, up from $21,879,909,920 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 68.73%.
Market sentiment today is 20.
Bitcoin’s market dominance today is 46.25, Its lowest ever recorded dominance was 37.09 on January 8 2018.
The daily RSI is currently 43.65. 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.
“2020 was a real breakthrough…the interest in Bitcoin accelerated when the pandemic started.”
– Tom Jessop, President of Fidelity Digital Assets
Always good value…
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Bitcoin resurgence in next six months could be massive, says intelligence report
A life of photography on the verge of stepping into the blockchain ring
Coinbase gets green light from German regulators
Nukkleus acquires London based Match Financial
Binance given the boot by UK financial watchdog
Ripple outpacing Bitcoin among UK crypto investors
City AM Markets: What is Decentralised Finance (DeFi) by Aave
Part one of two – April 2021
Part two of two – April 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 08:00 BST