Markets recover, sending Bitcoin back into $30-40k range
Crypto at a glance
Bitcoin’s foray under $30,000 appears to have been short-lived, with the world’s largest cryptocurrency up around four per cent over the last 24 hours to back above $31,000.
It’s the second time Bitcoin has tested this level and bounced back since it fell from an all-time high of $64k in April. Will it be the last time?
The move comes despite ongoing concerns about regulatory risks, with The Guardian crediting yesterday’s drop to $29k to European regulators’ plans to make cryptocurrencies more traceable. The start of Bitcoin’s price recovery actually seems to have coincided with the announcement though, suggesting that the markets are less spooked by Anti Money Laundering legislation than given credit for.
More likely, the rise coincides with a wider recovery across traditional stock markets, which also tanked on Monday before recovering yesterday. The rebound was echoed by other leading cryptocurrencies, with Ethereum (ETH), Cardano (ADA) and Binance Coin (BNB) all up more than five per cent since yesterday morning.
There was also interesting news yesterday from Mastercard, who announced they’ll enable more banks to allow people to spend their Bitcoin and other cryptocurrencies wherever Mastercard is accepted. Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, noted that: “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier.”
Will the move help increase adoption and further drive demand?
Cudos proudly presents the Crypto AM 3rd Birthday Unlocking Summer Party at Boisdale of Canary Wharf on Wednesday July 28
The Crypto AM 3rd Birthday Unlocking Summer Party is a go!
An amazing champagne drinks reception followed by a three course summer lunch washed down with beautiful Mirabeau Azure Rosé! Followed by the chance to finally catch up and network with the community to the intoxicating beats of a Mediterranean beach club.
There will be a main keynote from Matt Hawkins, Founder & CEO of CUDOS, a community Keynote from Jason A Deane of Bitcoin Pioneers and a panel discussion around the ‘State of the Crypto Union’ moderated by Crypto AM contributor Alex Lightman.
I’m also delighted to announce that Ted Byron Baybutt the Director of British Sci-Fi Thriller ‘Slammer’ will be exhibiting an exclusive screening of the trailer to the film. He’s bringing his film crew so who knows? Attendees might end up featuring in the film.
I’m hugely grateful to our partners CUDOS, World Mobile, BEQUANT, Bitstamp, CryptoCompare, CEX.IO, Bitcoin Pioneers & GlobalBlock Digital Asset Trading whose generosity is enabling everyone to attend free of charge.
I am holding ten tickets for readers to attend – if you’d like to apply please email me directly with your name, company and contact details explaining why you‘d like to attend. I will let the lucky applicants know who they are next Wednesday.
My email address is [email protected]
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] ??
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 $1,256,164,038,421.
What Bitcoin did yesterday
We closed yesterday, July 20 2021, at a price of $29,807.35, down from $30,817.83, the day before.
The daily high yesterday was $31,006.19 and the daily low was $29,360.96.
This time last year, the price of Bitcoin closed the day at $9,374.89. In 2019, it closed at $10,599.11.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $578.79 billion. To put it into context, the market cap of gold is $11.52 trillion and Facebook is $968.76 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $21,985,998,926, down from $23,740,894,084 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 59.3%.
Fear and Greed Index
Market sentiment today is 10.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.52, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.81. 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
“Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency.”
– Sir Richard Branson, Founder of Virgin turned astronaut
What they said yesterday
Zoom out…
Novel…
Transformational?
Crypto AM editor’s picks
Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency
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 in association with Zumo
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