Crypto markets are crashing as Latin America rushes to Bitcoin

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 …

Part One:

Second part:

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.

Bitcoin volume

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.

volatility

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

Relentless …

More bullish sentiment comes from South America …

And more?

Bitcoiners are already booking property tours …

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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

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 One…

Second part…

Part three…

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

Warning notices

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.

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