The move in China continues, although the decline in Bitcoin is slowing

Bitcoin, Ethereum and other cryptocurrencies are all trading lower again today, with the old markets seeing particularly large drops. Bitcoin is currently down 3% in the past 24 hours and more than 20% in the last week, although its market dominance has actually risen again from 45% to 47% as others take a bigger slump. It’s still trading at over $ 32,000 but can support hold at the key level?

Ethereum (ETH), the second largest cryptocurrency by market value, is now for the first time since the 23rd, and Polkadot (DOT). Dogecoin has been hit particularly hard, down nearly 40% in the past week. Have we hit rock bottom now?

Yesterday’s sell-off comes as China’s central bank, the People’s Bank of China (PBOC), continues to crack down on cryptocurrency. Yesterday it said it had told several major banks and payment companies to stop providing products or services such as trading, clearing and settlement for cryptocurrency transactions. The announcement changes little and is really nothing new, but seems to have been taken as a sign that the Chinese government is ready to go further in the fight against Bitcoin. It may be the same soup reheated, but it still seems able to burn a few tongues on the way down.

In further positive news, Michael Saylor, founder and CEO of MicroStrategy, announced yesterday that the company had spent $ 489 million in cash on its 13,005 new bitcoins. It now holds 105,085 bitcoins worth approximately $ 3.3 billion at current prices. The new bitcoins were bought at an average price of around $ 37,617, Mr Saylor said in a tweet. Is Saylor single-handedly keeping the market afloat?

Would you like to help spread the word about the introduction and formation of Bitcoin in the UK and even collect some stats 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 Β£ 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!

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 πŸ™πŸ»

In the markets

The bitcoin economy

Total crypto market capitalization

The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 1,317,456,815,324, from $ 1,379,899,047,217 yesterday.

What Bitcoin did yesterday

We got yesterday, June 21, 2021, for the price of. closed $ 31,676.69, from $ 35,698.30 the previous day.

The daily high was $ 35,721.64 yesterday and the daily low was $ 31,295.94.

Around this time last year, Bitcoin price closed the day at $ 9,303.63. In 2019, it closed at $ 10,144.56.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 612.81 billion today, down from $ 616.08 billion. To put it in context, the market cap of gold is $ 11.328 trillion and Berkshire Hathaway is $ 633.97 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 51,925,603,108, down from $ 41,150,340,120 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 76.74%.

Fear and greed index

The market sentiment is today 10.

Total crypto market capitalization

The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 1,317,456,815,324, from $ 1,379,899,047,217 yesterday.

What Bitcoin did yesterday

We got yesterday, June 21, 2021, for the price of. closed $ 31,676.69, from $ 35,698.30 the previous day.

The daily high was $ 35,721.64 yesterday and the daily low was $ 31,295.94.

Around this time last year, Bitcoin price closed the day at $ 9,303.63. In 2019, it closed at $ 10,144.56.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 612.81 billion today, down from $ 616.08 billion. To put it in context, the market cap of gold is $ 11.328 trillion and Berkshire Hathaway is $ 633.97 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 51,925,603,108, down from $ 41,150,340,120 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 76.74%.

Fear and greed index

The market sentiment is today 10.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 47.05, up from 45.36 yesterday, the lowest dominance ever recorded was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 38.92, down from 37.74 yesterday. 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

“Bitcoin is a remarkable cryptographic achievement and the ability to create something that cannot be duplicated in the digital world has tremendous value.”

  • Eric Schmidt, former CEO of Google

What they said yesterday …

Relentless

MicroStrategy purchased an additional 13,005 bitcoins for ~ $ 489 million in cash at an average price of ~ $ 37,617 per bitcoin. On 6/21/21 we purchased ~ 105,085 bitcoins for ~ 2,741 billion USD at an average price of ~ 26,080 USD per bitcoin. $ MSTRhttps: //t.co/gLfnOxZEZc

– Michael Saylor (@michael_saylor) June 21, 2021

Good news?

How is more # bitcoin mining power moving to πŸ‡ΊπŸ‡Έ and the west is a bad thing? IMO China’s crackdown on mining is a great development for BTC.

– David Marcus (@davidmarcus) June 21, 2021

Also true

The Chinese mining ban is great for Bitcoin in the long run.

1) Decentralized hashrate

2) Chinese mining FUD is no longer a risk

3) China is losing control of the most important asset in our lives

4) Mining is moving to areas that are more focused on renewable energies πŸŒ‹

– Yano (@JasonYanowitz) June 21, 2021

When all else fails, new tactics

If China’s Bitcoin bans were actually effective, they wouldn’t have to repeat them loudly over and over again.

– Jameson Lopp (@lopp) June 21, 2021

Recommendations of the Crypto AM editor

Anonymous say the video message to Elon Musk about Bitcoin meddling is not theirs

Bitcoin investors are getting tired of the annoying tweets from Elon Musk

Google is slowly opening its doors to cryptocurrency advertising

Cardano closes the gap with China by working with Nervos Blockchain

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: 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 21.-22. April 2021

Part 2 of 2 21.-22. April 2021

Five-part series 8.-12. March 2021

day one

Day two

Day three

Day four

Day five

Crypto AM events

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. However, remember 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.

Comments are closed.