XRP takes limelight as bitcoin stumbles at $47k – CityAM : CityAM
Crypto at a Glance
Bitcoin’s ascent continued yesterday, though the largest cryptocurrency by market cap has pulled back somewhat this morning from highs of nearly $47k. It’s down 2% over the last 24 hours at time of writing, changing hands for around $45,200.
The markets generally continue to look in buoyant spirits though, with the Fear & Greed Index again showing the market is greedy. It appears that the US Senate’s passage of a $1 trillion infrastructure bill this week with measures commentators say could be detrimental for the cryptocurrency industry has not impacted the bullish mood.
Elsewhere, the cryptocurrency markets as a whole swelled to a market cap of almost $2 trillion again for the first time since May. Ethereum has also pulled back 2% after its recent strong performance following its London upgrade last week, currently trading for around $3,100. The rest of the market is looking stronger though, with the majority of other major cryptocurrencies in the green today. Cardano and Dogecoin continue their strong recent showing, both rising another 3% since yesterday morning. XRP is the standout today though, up 10% over the last 24 hours to just below a dollar.
The big story yesterday was the Poly Network, after the largest attack in decentralized finance (DeFi) history took another dramatic twist. The hacker yesterday started to return the funds as promised, giving the cross-chain DeFi platform Poly Network back at least $342 million worth of drained funds.
In a Q&A session explaining his motives, the attacker said “When spotting the bug, I had a mixed feeling. Ask yourself what to do had you facing so much fortune. Asking the project team politely so that they can fix it? Anyone could be the traitor given one billion! I can trust nobody! The only solution I can come up with is saving it in a trusted account while keeping myself anonymous and safe. I prefer to stay in the dark and save the world.”
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Yesterday’s Crypto AM Daily in association with Luno
Cardano surges with smart contract upgrade imminent
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 $1,879,247,217,140.
What bitcoin did yesterday
We closed yesterday, 11 August, 2021, at a price of $45,593.64, down from $46,365.40 the day before.
The daily high yesterday was $46,735.63 and the daily low was $45,351.71.
This time last year, the price of bitcoin closed the day at $11,584.93. In 2019, it closed at $11,382.62
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $846.45 billion. To put it into context, the market cap of gold is $11.151 trillion and Facebook is $1.014 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,563,826,905, up from the day before $33,880,177,728. 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 54.36%.
Fear and Greed Index
Market sentiment today is 70.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.74, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 68.61. 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 not Gilbert, John or Russ… I think I’ll possibly be the first point guard in D.C. to lobby Senators about Bitcoin.”
Spencer Dinwiddie, Washington Wizards starting Point Guard
What they said yesterday…
Been a pleasure having you
My rookie year playing for the #Bitcoin Cyber Hornets is officially over. I want to thank 🙏my teammates for all the support and coaching they have provided to help me along the way. 🚀 https://t.co/YO3cRXTfog— Michael Saylor⚡️ (@michael_saylor) August 11, 2021
Interesting discussion
Watching Space Force MIT guy respond to his DoD peers is satisfying. Here’s is response for those who don’t have a linkedin account: pic.twitter.com/WuNOdkVVjG— WhiskeySauer (@SauerWhiskey) August 11, 2021
In the Senate
TED CRUZ SUPPORTING COMMON SENSEThe US Government isn’t often keen on democracy or research especially with #BitcoinSo to see a senator actually using common sense requesting the US Government to “understand blockchain before regulating it” is amazing pic.twitter.com/YftbEHAIRY— That Martini Guy ₿ (@MartiniGuyYT) August 10, 2021
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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