2021-08-02 09:57:00

Bitcoin winning streak comes to end as Ethereum takes lead

Crypto at a Glance

Bitcoin’s longest winning streak in eight years came to a halt on Saturday, though the world’s largest cryptocurrency still enjoyed a relatively leisurely weekend changing hands for more than $42k – the highest the price has been since mid-May. The Bitcoin price climbed every day for ten days in a row, though it’s down around 4% this morning to just over $40k.

The pullback has been blamed by some on uncertainty surrounding the proposed $550 billion bipartisan infrastructure bill currency working its way through the US Senate. The bill includes a provision to raise $28 billion from crypto investors in the states, while an updated version of the Senate’s bipartisan infrastructure bill revealed yesterday evening appeared to narrow the definition of “broker” to people who provide digital asset transfers, which could impact miners in the country. 

Despite this, market sentiment is still the highest it’s been since May and continues to hover around 50 after months in extreme fear. And it was a better weekend for Ethereum, which is the only leading major cryptocurrency in the green today. The smart contracts giant, which turned six last week, is again establishing itself at more than $2,500, up 0.75% this morning to just over $2,600 once again breaching $300bn in market cap. Can it push back up past the $3,000 level it held briefly earlier in the year?

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 City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks. Day Two will be Summit day at the Leonardo Royal Hotel, St Paul’s, finishing with the gala dinner where the winners of the Crypto AM Awards 2021 will be revealed.

For speaking opportunities, sponsorship or attendance (tickets will be strictly limited and by application) please email [email protected] using the subject line CRYPTOAM SUMMIT

https://www.cityam.com/

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some stats 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] 🙏🏻

Friday’s Crypto AM Daily in association with Luno

In the Markets

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The Bitcoin economy

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*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 $1,627,463,924,894. 

What bitcoin did yesterday

We closed yesterday, 1 August, 2021, at a price of $39,974.90, down from $41,626.20, the day before. 

The daily high yesterday was $42,541.68 and the daily low was $39,540.94. 

This time last year, the price of bitcoin closed the day at $11,759.59. In 2019, it closed at $10,399.67. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $756.23 billion. To put it into context, the market cap of gold is $11.502 trillion and Facebook is $1.004 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $26,893,844,669. 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 53.95%.

Fear and Greed Index

Market sentiment today is 48.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 47.12, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 64.86. 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

“Using Bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels. The idea is that Bitcoin could be used as an intermediary for the cross-border transfer, so that dollars are converted to Bitcoin by the sender and then converted back to dollars domestically by the receiver.”

  • Bank of America report on El Salvador’s decision to recognise BTC as legal tender

What they said yesterday…

Bitcoin is hope?

Digital real estate?

Bold

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

City AM 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

https://www.cityam.com/

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

https://www.youtube.com/watch?v=dvqNMNZTIDE?feature=oembed

Part Two

https://www.youtube.com/watch?v=WXhX_-Tr5j0?feature=oembed

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. City AM, 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



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