Crypto at a glance
With Jason Deane
It’s been another week of lackluster market performance, low volumes, and constant rumors of a possible Bitcoin surrender to levels not seen since, well, a few months ago.
So what exactly is going on?
I have been asked this question many times this week by journalists from all media who are naturally looking for explanations. However, the reality is that the answer is probably easier than meets the eye. Based on James Carville’s famous – and rather blunt – comment from 1992 “It’s the markets, stupid”.
Markets often move on momentum and sentiment rather than fundamentals. While these fundamentals, especially in the case of Bitcoin, will remain extremely strong as adoption and usage increases, right now it is simply not seen as enough to generate the buzz that was seen back in February and March.
And you know what? That’s okay.
Quiet times like these are perfect opportunities to build and consolidate without the distraction of uncontrolled pricing, as well as excellent opportunities for savvy investors to calmly stack more sats at what may someday be an extremely advantageous price. At the same time, Bitcoin’s famous volatility has been tamed, at least for now, as both buyers and sellers place their orders with the urgency of a lazy Sunday afternoon.
For me, who only thinks long-term with Bitcoin, this is a reminder of how unimportant the short-term price of Bitcoin really is. This is a truly intergenerational asset, a way to hold and transfer assets not just over long distances but over long periods of time.
So whether Bitcoin stays where it is, moves up, or maybe even satisfies the bears for a while, it’s all good. The future is where it is.
That’s great because that’s where we all go anyway.
Have a nice weekend!
Cudos proudly presents the Crypto AM 3rd Birthday Summer Party to unlock on Wednesday July 28th at the Boisdale of Canary Wharf…
The Crypto AM 3rd birthday summer party to unlock is a success!
A fantastic reception with champagne, followed by a 3-course summer lunch with a wonderful Mirabeau Azure Rosé! Followed by the chance to finally meet and network with the community to the rousing beats of a Mediterranean beach club.
There will be a main keynote from Matt Hawkins, Founder and CEO of CUDOS, a community keynote from Jason A Deane of Bitcoin Pioneers, and a panel discussion on the State of the Crypto Union moderated by Crypto AM employee Alex Lightman .
I’m also delighted to announce that Ted Byron Baybutt, director of the British sci-fi thriller Slammer, will be showing an exclusive screening of the film’s trailer. He’s bringing his film crew with him, so who knows, maybe the contestants will be in the film?
I am very grateful to our partners CUDOS, World Mobile, BEQUANT, Bitstamp, CryptoCompare, CEX.IO, Bitcoin Pioneers & GlobalBlock Digital Asset Trading, whose generosity enables everyone to participate for free.
I have 10 tickets ready for the readers – if you would like to apply, please send me an email directly with your name, company and contact details and explain why you would like to participate. I’ll 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 introduction and formation of Bitcoin in the UK and even pile up some sats while you do so? Well now you can!
The Bitcoin pioneers Community, backed by Barry Silberts Digital Currency Group, was formed to bring Bitcoin to a mainstream audience in meaningful ways and now has members across the UK.
We share tips, stories, and ideas on how to encourage others to try Bitcoin for the first time. And thanks to Luno’s support, every pioneer receives £ 500 a month of Bitcoin to share with beginners to help 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 collaboration with Luno is welcome by email at James.Bowater@cityam.com 🙏🏻
Yesterday Crypto AM Daily in collaboration with Luno…
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 $ 1,307,229,550,116.
What Bitcoin did yesterday
We got yesterday, July 15, 2021, for the price of. closed $ 31,780.73, down from $ 32,822.35 the previous day.
The daily high was $ 33,159.64 yesterday and the daily low was $ 31,175.71.
Around this time last year, Bitcoin’s price closed the day at $ 9,132.23. In 2019, it closed at $ 9,477.64.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 593.07 billion. For comparison, the market capitalization of gold is $ 11.591 trillion and Facebook is $ 976.7 billion.
The total spot trading volume reported by all exchanges in the last 24 hours was $ 23,479,499,176, down from $ 19,977,822,169 yesterday. High volumes may indicate that significant price movement has stronger support and is more likely to last.
Bitcoin’s price volatility over the past 30 days is 62.02%.
Fear and greed index
The market sentiment is today 22nd
Bitcoin’s market dominance
Bitcoin’s market dominance is today 46.01, The lowest dominance ever recorded was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.47. 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 think my view has evolved a little, but it’s pretty consistent … If people want to buy bitcoin as a replacement, no different from buying gold or some other asset, that’s fine. Personally, I don’t want it in my portfolio, but if people want, that’s fine. “
– A positive-sounding endorsement from former US Treasury Secretary and skeptic Steven Mnuchin
What they said yesterday
Big Jack is back …
Square is launching a new company (affiliated with Seller, Cash App, and Tidal) that will focus on building an open developer platform with the sole goal of making it easier to create non-custodial, license-free, and decentralized financial services. Our main focus is on #Bitcoin. His name is TBD.
– jack (@jack) July 15, 2021
After years of studying, I believe that cryptocurrency, particularly Bitcoin, is the only way out of the looming inflationary disaster and intervening financial watchdog state and that people who are salty with it are unlikely to get as much of it as they’d like.
-? (@eric_lombrozo) July 15, 2021
Recommendations from the Crypto AM editor
Cardano outperforms Bitcoin as the most widely held cryptocurrency by eToro customers
Coinbase gets the green light from German regulators
Nukkleus acquires Match Financial, based in London
Binance launched by the British financial watchdog
Ripple outperforms Bitcoin among UK crypto investors
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
Crypto AM: Technically speaking, in collaboration 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 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
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 …
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 8:00 AM BST