Bitcoin tests $40k again with positive vibes from Africa and Tesla
As I make my way back to Switzerland after a weekend at home in Mallorca, I cannot help thinking ‘Why London?’. Dubai, Switzerland and even Mallorca are ALL open for business with thriving blockchain communities that can sensibly visit one another with the obvious safety measures.
Well the answer is simple – London is still one of the greatest cities in the world and it’s home home! Great minds with great projects abound, not least of all World Mobile which launches its Token Generation Event tomorrow at a time when nation states such as El Salvador and now it appears Tanzania are readying themselves for Crypto.
But I’m fearful for London and the UK. We are in danger of losing our status and potential if we cannot be more welcoming to the crypto world. Digital nomads are aptly named because they can up sticks and leave at a moment’s notice. The Government, the FCA and the Bank of England take note – it’s not just illogical Covid rules that will kill our recovery stone dead, it’s also a certainty if we continue to fail to support our blockchain community – they will leave and set up camp elsewhere.
Crypto at a glance
What started as another weekend of woe for Bitcoin turned on a sixpence yesterday, with the leading cryptocurrency soaring 12 per cent over the last 24 hours. It fell to $34,700 on Saturday, but is currently back changing hands at just above $39,000 again – the highest the price has been since May 27. Can it now escape that $30-40k range it’s been stuck in for the past month?
Market sentiment is at its highest level since early May, up at 28 on the Fear and Greed Index today. That’s still in ‘Fear’, but it represents a marked turnaround after recent lows. And the positive vibes are understandable, with good news continuing to pour in over the weekend.
First, the buzz around last week’s announcement that El Salvador will make Bitcoin legal tender continues. More and more countries are making noises around adopting the so-called Bitcoin Standard, with Tanzania the latest to make moves. Tanzania’s leader Samia Suluhu Hassan this weekend told the East African nation’s financial chiefs to prepare for cryptocurrency. Africa arguably has even more to gain than the Latin American countries pushing for adoption – can Tanzania spark a chain reaction on the continent?
Tesla CEO Elon Musk was also again at the forefront, with the Dogecoin lover and space enthusiast tweeting on Sunday that Tesla “will resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend”. The tweet immediately sent Bitcoin through resistance at $36k, proving that the billionaire is still an influential player in the market. Is this a good thing? Will people care if he continues to send the price up rather than down?
READ MORE Bitcoin closes in on $40,000 as Tanzania and Elon Musk give markets a lift
It’s still all about Bitcoin again today, with its market dominance climbing again to almost 46 per cent. Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) are all up around seven per cent, though they’re still down on the week. Can they regain lost ground soon?
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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 $1,634,914,140,657.
What Bitcoin did yesterday
We closed yesterday, June 13 2021, at a price of $39,097.86.
The daily high yesterday was $39,322.78 and the daily low was $34,864.11.
This time last year, the price of bitcoin closed the day at $9,386.79. In 2019, it closed at $8,693.83.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $741.91 billion. To put it into context, the market cap of gold is $11.831 trillion and Facebook is $939.27 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $44,266,747,568. 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 95.78%.
Fear and Greed Index
Market sentiment today is 28.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.84, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.26. 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 think the internet wants a native currency and I think Bitcoin is probably the best manifestation of that so far.”
– Jack Dorsey, Twitter CEO
What they said yesterday
It’s time…
A man on a mission…
Team effort…
Bitcoin is hope…
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Part one of two – April 2021
Part two of two – April 2021
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Part two…
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Part five…
Crypto AM: Recommended Events
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Crypto AM Awards 2021
September 29 and 30 2021
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 PM, 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 08:30am GMT.