Crypto AM Daily in association with Luno
Crypto at a glance
with Jason Deane
It “feels” like Bitcoin has been busy over the last few days, yet we find ourselves pretty much back where we were this time last week, price wise at least.
Of course, for many of us, short term price is completely irrelevant since we’re so focussed on where this thing is going and what benefits it can bring to the human race in the long term. Recently, for example, I found myself mulling over the concept of Bitcoin being the world’s first economic constant, something that may not be immediately obvious to most of us. Inevitably, I suppose, it led to an article on the subject.
But make no mistake, the crypto space is developing astonishingly quickly. As we saw last week, adoption rates continue to increase as a result of (or perhaps because of) the increasing rate of development in the industry. Frank Chaparro, director of News at The Block, reported in a tweet on Wednesday that 3,500 new hires have already been made by the major players in the first half of this year. This was then immediately retweeted by Barry Silbert who casually pointed out that 4000 roles still needed to be filled just within his own DCG group.
So if you’re looking to get involved in the industry in any way, it seems now may be the perfect time.
The only other “constant” of note has been discussion about regulation, which seems to be dominating all the interviews I’ve been doing recently. From Joe Biden’s Bipartisan bill in the U.S. to fears of all countries coming together and setting anti-Bitcoin regulations in the same way they set a global corporate tax rate earlier this year. (Spoiler alert: it won’t happen, here’s why)
Regulation, on the whole, should not be feared. It is a natural – and inevitable – part of the growth process. Whilst hard core libertarians will never like it under any circumstances, there’s no doubt that a clear regulatory framework will give confidence to a whole new generation of investors and users, effectively legitimizing their transactions in the eyes of the governments issuing those guidelines..
Of course, for those of us who were there when the internet first started making major ground, this process all sounds very familiar, doesn’t it?
Make no mistake, this is an exciting time to be alive!
Have a great weekend!
Jason
The Crypto AM London Blockchain & DeFi Summit will be held on the 29 & 30 September…
Day One will be held in two Pavilions hosting the Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be Summit day (Streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email:
using the subject line CRYPTOAM SUMMIT
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,672,303,545,631.
What bitcoin did yesterday
We closed yesterday, 5 August, 2021, at a price of $40,869.55, up from $39,747.51 the day before.
The daily high yesterday was $41,341.93 and the daily low was $37,458.00.
This time last year, the price of bitcoin closed the day at $11,779.77. In 2019, it closed at $11,478.17.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $772.64 billion. To put it into context, the market cap of gold is $11.457 trillion and Facebook is $1.023 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $37,152,417,360, up from $24,412,996,571 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of bitcoin over the last 30 days is 54.71%.
Fear and Greed Index
Market sentiment today is 52.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.64, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.40. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“I believe the technology is going to change the way people access money and it’s creating a fairer financial system.”
- Finder co-founder Fred Schebesta
What they said yesterday…
Big day
Long read
Matter of time?
Crypto AM Editor Picks
OccamFi receives strategic investment from Cardano early stage VC Fund
Proof of Stake gives us a real opportunity for change
Fabric Ventures announces $130m fund to invest in digital assets and decentralisation
US steps closer to cryptocurrency tax after last minute bill addition
What needs to happen with Cryptocurrencies for regulators to more readily accept this industry
London Crypto leaders book is flying off the shelves
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM Contributor: Jilian Godsil
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part One of Two 21-22 April 2021
Part Two of Two 21-22 April 2021
Five Part Series 8-12 March 2021
Day One
Day Two
Day Three
Day Four
Day 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 via YouTube
Part One
Part Two
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST