2021-08-11 11:04:00

Cardano surges with smart contract upgrade imminent

Crypto at a Glance

The cryptocurrency markets continue to climb today, with the Bitcoin price up another 2 per cent over the past 24 hours to more than $46,300 at time of writing. Ethereum is also up around 4 per cent to more than $3,200. Can they keep the upward momentum today?

The market’s resurgence comes amid a fresh wave of adoption news. Cinema franchise AMC yesterday announced that it will start accepting bitcoin payments by the end of the year. The COVID pandemic has seen the cinema chain’s revenue plummet, as government lockdowns force them to remain closed or customers simply stay away. Following the announcement, AMC shares jumped almost 6 per cent on Tuesday before falling back. Will the move help turn around the company’s fortunes in the long run?

There was also more evidence yesterday that the institutional pile on is not yet finished. Nasdaq-listed US car insurance firm Metromile revealed in an SEC filing that they’d purchased an aggregate of $1 million in digital assets in the first month of the year. The purchase consisted solely of bitcoin.

Just because institutions are still primarily loading up on bitcoin though, doesn’t mean the rest of the market is rising like steam from freshly yellowed snow. The biggest gainer yesterday was Cardano (ADA), which is now up more than 20 per cent over the last 24 hours and again has $2 in its sights. The fifth largest cryptocurrency is currently trading at around $1.78. The price surge comes as the network’s Alonzo Purple upgrade launches, with full roll-out of smart contract support expected soon. Will the upgrade see it rival Ethereum as the go-to platform for smart contracts?

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 (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:  

[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] 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

https://www.cityam.com/

The Bitcoin economy

https://www.cityam.com/
*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 $1,910,238,305,081. 

What bitcoin did yesterday

We closed yesterday, 10 August, 2021, at a price of $46,365.40, up from $45,585.03 the day before. 

The daily high yesterday was $46,637.99 and the daily low was $44,705.56. 

This time last year, the price of bitcoin closed the day at $11,410.53. In 2019, it closed at $11,523.58. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $866.26 billion. To put it into context, the market cap of gold is $11.008 trillion and Facebook is $1.018 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $33,880,177,728, down from the day before $38,476,321,855. 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 55.7 per cent.

Fear and Greed Index

Market sentiment today is 70.

https://www.cityam.com/

Bitcoin’s market dominance today is 46.06, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 71.49. 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’ve had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that. This increased knowledge has given me the confidence to tell you all today that AMC is hereby formally announcing on this call that by year’s end we will have the information technology systems in place to accept bitcoin.”

What they said yesterday…

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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