Greetings from a cloudy Zurich, where I will personally take part in a panel “What the Media Thinks about Digital Assets & Blockchain”, which is obviously a far-reaching topic where I can underline the importance of being agnostic in our emerging industry stay .
For those of you who have followed my recent and quite challenging travel experiences, it was a wonder I actually made it! I also want to thank my friend Jimmy Nguyen of the Bitcoin Association for inviting me to participate and for respecting my independent views! Now I have to run to get a pair of pants because, as the right Donald, I forgot to pack some!
To watch this conference online, you can register here – my panel will take place on Thursday, June 10th at 2:30 pm CSET C.
Crypto at a glance
Yesterday we spoke of a “calm before the storm” feeling in the crypto markets. It seems the sense was actually right, though the simple joy of being right is negated somewhat by the double-digit declines across the board.
Bitcoin found strong support again this morning at just over $ 32,000 after falling 10 percent in the past 24 hours, while Ethereum (ETH) also managed to rebound at $ 2,500 after a similar price decline. Will they be able to sustain another recovery?
It feels like Bitcoin was trading at around $ 60,000 a long time ago, although it has been less than a month now. But while the recent price crashes have been defined by the surrounding FUD, this is noteworthy in that it is surrounded by rousing news about the adoption of Bitcoin and bullish fundamentals for Ethereum.
The announcement by the President of El Salvador over the weekend that Bitcoin would be legal tender in the Central American country was followed by a number of politicians from other Latin American countries who added laser eyes to their Twitter profiles. The laser eye meme is said to be a confirmation of the leading cryptocurrency and spark the rumor that other countries will follow El Salvador’s example. Can the bombastic tweets of a would-be space mogul really move the market more than adoption by a sovereign nation?
There were also more uptrends yesterday when former US President Donald Trump wholeheartedly endorsed Bitcoin and gave it seemingly random credibility by describing his fears that it was a “currency” that could rival the US dollar.
The recent slump put the total market capitalization of all cryptocurrencies together below $ 1.5 trillion for the first time since May, with Binance Coin (BNB), Cardano (ADA) and XRP (XRP) also falling around 10 percent in the past 24 hours are . It seems that despite the recent breakouts in the alt markets, they are still for the most part intrigued by Bitcoin. Will they succeed in decoupling again?
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts on YouTube …
All feedback on Crypto AM Daily in collaboration with Luno is welcome by email at James.Bowater@cityam.com 🙏🏻
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 $ 1,490,092,386,109.
What Bitcoin did yesterday
We got yesterday, June 7th, 2021, for the price of. closed $ 33,560.71, down from $ 35,862.38 the previous day.
The daily high was $ 36,790.57 yesterday and the daily low was $ 33,480.64.
Around this time last year, Bitcoin’s price closed the day at $ 9,771.49. In 2019, it closed at $ 7,954.13.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 617.81 billion. To put it in context, gold’s market cap is $ 12.069 trillion and Facebook is $ 954.35 billion.
The total spot trading volume reported by all exchanges in the last 24 hours was $ 41,274,613,763, from $ 29,583,305,813 yesterday. High volumes may indicate that significant price movement has stronger support and is more likely to be sustained.
Bitcoin’s price volatility over the past 30 days is 85.99%.
Fear and greed index
The market sentiment is today 13.
Bitcoin’s market dominance
Bitcoin’s market dominance is today 41.86, The lowest dominance ever recorded was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.91. 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
“Using Bitcoin will increase the amount that more than a million low-income families receive by the equivalent of billions of dollars each year.”
– El Salvador’s President Nayib Bukele
What they said yesterday
More bullish sentiment comes from South America …
Bitcoiners are already booking property tours …
Crypto AM Editor writes
Ripple is making waves against the SEC’s confusing crypto rules
John McAfee threatens to die in jail for doing what Elon Musk does on Twitter, his wife says
Photo by Joe Raedle / Getty Images
Bitcoin is in for more pain as environmental groups line up to reject cryptocurrencies
How are cryptocurrencies doing this weekend?
Squashed Bitcoin is heading for an unsafe weekend
China’s CMB International and Nervos Foundation are launching a $ 50 million blockchain fund
Cardano partners with Save the Children on a humanitarian initiative
HMRC: We are not cracking down on crypto
Ethiopia is revising its education system with IOHK blockchain partnership
Crypto AM: Longer reads
City AM Markets: What is Aave’s Decentralized Financing (DeFi)
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Krypto AM: Technically
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr. Chris Kacher
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: Recommended Events
Round table Crypto AM City of London
Crypto AM DeFi & Digital Inclusion Summit
Crypto AM Awards 2021
September 29th and 30th, 2021
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.