Crypto markets reach highest level since May as US tax legislation looms
Crypto at a Glance
The cryptocurrency market yesterday rallied to its highest level since 19 May, hitting a total market cap of more than $1.85 trillion as both Bitcoin and Ethereum made gains. Sentiment has also flipped to greedy for the first time since May, according to the Fear & Greed Index, while the Twitter hoards are saying the bull run is back on. But are they right?
Ethereum led the way again following last week’s ‘London’ upgrade, changing hands for more than $3,000 on Saturday for the first time in nearly three months. Bitcoin also hit a high of more than $45k, as eyes again turn to the psychologically-important $50k level. Both are down this morning, but still up roughly 10% over the last 7 days to around $43,500 and $2,950 respectively.
The big shadow at the moment is looming bitcoin and cryptocurrency tax reporting legislation in the US. Last week, a provision in the bipartisan bill was added to raise cash through stricter tax rules on a broad definition of cryptocurrency “brokers” that opponents say threatens the technology’s development in the country. Amendments have been put forward to better clarify what constitutes a ‘broker’, though they have yet to be voted on and there seems to be uncertainty as to whether votes on any amendments at all will be allowed.
Despite this, the markets are holding up well and bullish indicators are flashing up everywhere. Institutional activity seems to be on the rise once again, with the Grayscale premium reaching positive territory. Can it continue to hold up this week?
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.
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In the markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $43,617.00 | –3.12% | +8.41% |
| Ethereum (ETH) | $2,934.33 | –7.28% | +12.08% |
| XRP (Ripple) | $0.7896 | –4.56% | +3.21% |
| Litecoin (LTC) | $147.65 | –5.27% | +3.35% |
| Bitcoin Cash (BCH) | $554.50 | –5.12% | +0.42% |
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 $1,756,913,078,309.
What bitcoin did yesterday
We closed yesterday, 8 August, 2021, at a price of $43,798.12, down from $44,555.80 the day before.
The daily high yesterday was $45,282.35 and the daily low was $43,331.91.
This time last year, the price of bitcoin closed the day at $9,277.97. In 2019, it closed at $11,354.02
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $815.82 billion. To put it into context, the market cap of gold is $11.064 trillion and Facebook is $1.024 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,960,185,238, up from 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 56.56%.
Fear and Greed Index
Market sentiment today is 65.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.35, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 67.31. 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’m really into crypto. I think Bitcoin is the future. It’s definitely going to be long term, but in ten years’ time, people who invested will be laughing.”
- KSI, YouTube celebrity
What they said yesterday…
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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
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