Ethereum upgrade incoming as price continues to surge
Crypto at a glance
The Ethereum price continues to soar this morning ahead of today’s big upgrade, up 8% over the past 24 hours to almost $2,700. The latest push means Ethereum is up more than 16% over the week, with five Ethereum Improvement Proposals set to get incorporated into the blockchain’s code today. The most talked about of these is EIP-1559, which is hoped will make Ethereum transaction fees more predictable for users
The crypto market is up across the board this morning, with the Bitcoin price also continuing to push towards $40,000. The largest cryptocurrency is up 3% this morning, receiving a boost yesterday from Gary Gensler, the new Chair of the United States Securities and Exchange Commission. He went on television yesterday to share his desire to iron out fraud while allowing investors access to what he called “speculative” assets — Bitcoin and altcoins. “This innovation — Satoshi Nakamoto’s innovation — if it is going to meet its potential, needs to come within public policy frameworks,” he said. Will he manage to balance regulation and innovation?
Gensler isn’t the only one looking to get to grips with crypto. The Spanish-speaking world also continues to flock to bitcoin. Uruguayan Senator Juan Satori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto payments, while the ruling People’s Party (PP) in Spain has reportedly put forward proposals that could enable people to pay their mortgage in crypto. Will either of them come to anything?
Elsewhere in the markets, the big gainer today is Aave (AAVE), which is up almost 20% over the last 24 hours. Uniswap (UNI), Polkadot (DOT) and Solana (SOL) are also having a big day, all up around 10%.
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 $1,613,622,249,611.
What bitcoin did yesterday
We closed yesterday, 4 August, 2021, at a price of $39,747.51, up from $38,152.98 the day before.
The daily high yesterday was $39,952.30 and the daily low was $37,589.17.
This time last year, the price of bitcoin closed the day at $11,747.02. In 2019, it closed at $11,805.65.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $733.75 billion. To put it into context, the market cap of gold is $11.511 trillion and Facebook is $1.011 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24,412,996,571, up from $23,926,050,664 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 54.11%.
Fear and Greed Index
Market sentiment today is 50.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.02, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.01. 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
“There’s a fundamental technological breakthrough that has actually happened—an area of computer science called distributed consensus. It’s the ability for a lot of people and software on the internet to be able to form trust relationships in an untrusted environment.
“Money is one application. There are many other applications, many other things that people are going to be able to do with this technology. Many of the smartest people in computer science are going into this field and they’re pushing it forward at a really rapid rate. So, to us, it looks like it’s just the eighth or ninth fundamental architecture breakthrough transformation happening in the tech industry. And we take it very seriously because of that.”
- Marc Andreessen, venture capitalist
What they said yesterday…
Adoption
Spanish speaking countries continue to blaze a trail
Gamechanger
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