Crypto markets look flat and dull as they decide which way to turn
Crypto at a glance
…with Jason Deane
I’m accustomed to starting these Friday summaries with lines like “what a week!” or “how am I going to fit all this week’s events in?” but the truth is that this week has been, well, quiet.
Of course, I mean “quiet” in relative terms. Let’s not forget we are in the midst of the development and deployment of the biggest overhaul in our financial system in modern history.
We are also witnessing a truly modern day gold rush as 21st century prospectors put their virtual stake in the virtual ground and look to secure hashrate – the computing power that supports the Bitcoin network – in new locations in the world. This, of course, was all sparked by China’s recent decision to renounce its significant lead in this truly global industry by barring all mining activity from within its borders, a decision I believe they will truly regret in the long term as I wrote about here.
And yet, somehow, despite these monumental changes happening right in front of us, it still feels “flat” right now. Even the markets themselves seem to lack direction, with Bitcoin still range-bound in the $30ks and analysts pointing to an imminent breakout AND break down in equal measure. In other words, we don’t know where we’re going next, at least in the short term.
But then, as this lacklustre week drew to a close, we received a subtle, but powerful, reminder as to why this global, open-to-all, playing field levelling financial system is needed and why so many are so passionate about it.
For some reason, an excerpt of a speech entitled “A vision for the future” given by the general manager of the Bank of International Settlements, Agustin Carsten, back in October last year was resurrected for the crypto twitter meme treatment this week. In it, Carsten explains how the banks envisage how they will have “absolute control” over how we spend our money.
It is not a message well received by those working for equality and inclusion through Bitcoin. Frankly, I’m not sure it’s a message that’s well received by anyone at all.
Well, except other central bankers of course.
Have a great weekend – Come on England!
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Yesterday’s Crypto AM Daily in association with Luno…
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,369,546,494,557, down from $1,406,849,295,158 yesterday.
What Bitcoin did yesterday
We closed yesterday, July 8 2021, at a price of $32,877.37, down from $33,855.33, the day before.
The daily high yesterday was $33,907.91 and the daily low was $32,133.18.
This time last year, the price of Bitcoin closed the day at $9,428.33. In 2019, it closed at $12,285.96.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $615.86 billion, down from $622.22 billion yesterday. To put it into context, the market cap of gold is $11.419 trillion and Tesla is $628.87 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27,802,907,296 down from $26,074,803,415 yesterday. 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 72.78%.
Fear and Greed Index
Market sentiment today is 20 again, still down in Extreme Fear. The last time the sentiment was greedy was 12 May.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.55, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.67. 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
“Bitcoin will do to banks what email did to the postal industry.”
– Rick Falkvinge, Swedish pirate
What they said yesterday
Sliced Bitcoin?
Complex…
Worth a watch…
Crypto AM editor’s picks
Bitcoin resurgence in next six months could be massive, says intelligence report
A life of photography on the verge of stepping into the blockchain ring
Coinbase gets green light from German regulators
Nukkleus acquires London based Match Financial
Binance given the boot by UK financial watchdog
Ripple outpacing Bitcoin among UK crypto investors
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
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 & Present with Alex Lightman
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 – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Part one…
Part two…
Part three…
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 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