Bitcoin and Ethereum head into decline as investors look to play safe after China ban
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Crypto at a glance
The prices of most major cryptocurrencies have slipped up to seven per cent over the last 24 hours, as investors continue to keep their cards close to their chest after the latest China crackdown.
Bitcoin is currently changing hands for around $42k, down from just below $44k yesterday. Ethereum has also fallen to below $2,900 again.
The cryptocurrency markets seemed to stick the landing after the wobble caused by China’s fresh ban on trading, but it appears that uncertainty is set to continue through the week.
Last week, flows into all crypto funds hit $95 million – the highest they’ve been since the week ending September 3 when they hit $98 million. This week already appears more subdued though, with volumes staying low amid a cautious environment.
Other leading cryptocurrencies – including Solana (SOL) and Cardano (ADA) – have largely followed in Bitcoin’s footsteps, also dropping around three to five per cent. Algorand (ALGO) is the big faller today.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four 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: [email protected] using the subject line ‘CRYPTOAM SUMMIT’.
Summit & Awards Announcements
Crypto AM Awards 2021 Judges Announced
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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 $1,878,861,568,203.
What Bitcoin did yesterday
We closed yesterday, September 27 2021, at a price of $42,235.73, down from $43,208.54 the day before. The daily high yesterday was $44,313.25 and the daily low was $42,190.63.
This time last year, the price of Bitcoin closed the day at $10,709.65. In 2019, it closed at $8,245.92.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $794.25 billion. To put it into context, the market cap of gold is $11.068 trillion and Facebook is $996.89 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31,481,508,748, down from $33,234,083,681 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 54.4%.
Fear and Greed Index
Market sentiment today is 25, still in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.98, up from 41.91 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.70, up from 41.45 yesterday. 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
“Bitcoin is worth ~ $1Trillion and in the future probably a lot more. It is reflecting at us how much each of us value freedom.”
John Vallis
What they said yesterday
The Times They Are a-Changin’…
It’s no game either…
Crypto AM: Editor’s pick
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Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week
Crypto AM: Features
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Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
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Part one of two – April 2021
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Cautionary Notes