Crypto at a glance
It was another stop-start day for Bitcoin as intriguing adoption news couldn’t drive the price up. Meanwhile, a record breaking day for Ethereum is keeping the second largest cryptocurrency in the spotlight today. Will July see it stay there?
The big story yesterday was that billionaire George Soros’s family office started trading Bitcoin. The Street reported from sources “familiar with the matter” that Dawn Fitzpatrick, Soros Fund Management’s chief investment officer, had given the go-ahead to trading Bitcoin and possibly other cryptocurrencies over the past few weeks. The company declined to comment.
Soros Fund Management has also reportedly been assisted by Steve Cohen’s Point72 Asset Management, which is reportedly seeking a new position as Head of Cryptocurrencies. The recent drop in Bitcoin prices has been credited by some as a result of a slowdown in institutional investment in the area, but could the tide turn again?
The news didn’t do much for Bitcoin’s pricing fortune, however. The leading cryptocurrency continued to hover around $ 35,000 yesterday and fell to around $ 33,500 this morning as it remains in that narrow range.
But there was better news elsewhere. Bitcoin may have outperformed other major cryptocurrencies in June, down just 2.7 percent over the month, up from more than 15 percent for others, but Ethereum will carry the burden well into July. The second largest cryptocurrency is up 1.5 percent again this morning to $ 2,160 after rebounding to almost $ 2,300 yesterday. It even made a piece of history yesterday when it first overtook Bitcoin in daily active addresses. The number of daily active addresses exceeded 649,000, while Bitcoin fell to around 580,000, according to analyst Santiment. A temporary rash or a sign of the future?
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In the markets
The bitcoin economy
* For definitions and insights, see https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $1,394,906,123,373, from $ 1,417,265,686,455 yesterday.
What Bitcoin did yesterday
We got yesterday, June 30th, 2021, for the price of. closed $ 35,040.84, down from $ 35,867.78 the previous day.
The daily high was $ 36,074.76 yesterday and the daily low was $ 34,086.15.
Around this time last year, Bitcoin price closed the day at $ 9,228.33. In 2019, it closed at $ 10,583.13.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 631.4 billion up from $ 648.75 billion yesterday. To put it in context, gold’s market cap is $ 11.295 trillion and Facebook is $ 985.91 billion.
The total spot trading volume reported by all exchanges in the last 24 hours was $ 34,853,515,347 from $ 38,046,037,653 yesterday. High volumes may indicate that a significant price move has stronger support and is more likely to be sustained.
Bitcoin’s price volatility over the past 30 days is 79.97%.
Fear and greed index
The market sentiment is today 28.
Bitcoin’s market dominance
Bitcoin’s market dominance is today 45.89, The lowest dominance ever recorded was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.55. Values of 70 or above indicate that an asset is overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“I met a woman who had a small pizzeria and told me that she had six children. Four of them emigrated to the United States. Consequently, they sent their money back – that was before the project. She regularly had to spend up to a day taking the bus to the nearest town that had a proper office or bank to pick up the transfer, paying a huge fee to actually pick it up, and then doing business and the abandoned income returned while she took the bus into town to get the transfer. She started with Bitcoin and was able to save so much that she actually started sending money to her child in the US instead of getting money back. So that’s just one example of the wire transfer question, the time it takes to pick it up, the fees involved, and the problems these organizers are trying to solve when using Bitcoin to make these transactions easier. “
– Ezra Fieser, Bloomberg reporter in Bogotá
What they said yesterday
Everyone has their reasons …
Hybrid hearing of the US House of Representatives
“China is building the scariest surveillance tool in history. There is no way we should imitate it. The whole fact that China is doing this is why we should adopt decentralized ledger technology. ”Congressman @WarrenDavidson pic.twitter.com/yTXCyabes9
– Bitcoin Magazine (@BitcoinMagazine) June 30, 2021
Problems, problems …
Would you rather get $ 1,000,000 or 1 Bitcoin every birthday now for the rest of your life?
– §Alex Adelman? (@alexadelman) June 30, 2021
Recommendations from the Crypto AM editor
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Crypto AM: Longer reads
City AM Markets: What is Aave’s Decentralized Financing (DeFi)
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in collaboration with Ziglu
Krypto AM: Technically
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 and Present with Alex Lightman
Crypto AM: speak legally
Krypto AM: Spotlight
Crypto AM: Founder Series
Crypto AM: Industry voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitely DeFi
Crypto AM parliamentary special offer
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Part four …
Part five …
Crypto AM events
It is certainly tempting to get carried away with the excitement, but please heed this warning: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. Remember, however, that the content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always advise you to seek your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30 GMT.