China crackdown continues though Bitcoin decline slows
Bitcoin, Ethereum, and other cryptocurrencies are all trading lower again today, with the alt markets seeing particularly large drops. Bitcoin is currently down 3% over the last 24 hours and more than 20% over the last week, though its market dominance is actually up again from 45% to 47% as others take a bigger hit. It’s still trading at above $32,000, but can support at the key level hold?
Ethereum (ETH), the second-largest cryptocurrency by market value, meanwhile, has fallen below $2,000 for the first time since 23 May, while there’s also double digit drops for Binance Coin (BNB), Dogecoin (DOGE), Cardano (ADA), and Polkadot (DOT). Dogecoin has been hit particularly hard, down almost 40% over the last week. Have we hit the bottom now?
Yesterday’s sell off comes as China’s central bank, the People’s Bank of China (PBOC), continues to crack down on cryptocurrency. Yesterday, it said that it had told several major banks and payments companies to stop providing products or services such as trading, clearing and settlement for cryptocurrency transactions. The announcement changes little and is really nothing new, but seems to have been taken as a sign that the Chinese government is prepared to go even further in its battle against bitcoin. It might be the same soup being reheated, but it still seems capable of burning a few tongues on the way down.
In more positive news yesterday, Michael Saylor, MicroStrategy’s founder and chief executive, announced that it had spent $489 million in cash on its 13,005 new bitcoins. It now holds 105,085 bitcoins, worth about $3.3 billion at current prices. The new bitcoins were bought at an average price of around $37,617, Mr Saylor said in a tweet. Is Saylor single handedly keeping the market afloat?
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!
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
Part Two
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] ??
In the Markets
The Bitcoin Economy
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,317,456,815,324, down from $1,379,899,047,217 yesterday.
What bitcoin did yesterday
We closed yesterday, 21 June, 2021, at a price of $31,676.69, down from $35,698.30, the day before.
The daily high yesterday was $35,721.64 and the daily low was $31,295.94.
This time last year, the price of bitcoin closed the day at $9,303.63. In 2019, it closed at $10,144.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $612.81 billion today, down from $616.08 billion. To put it into context, the market cap of gold is $11.328 trillion and Berkshire Hathaway is $633.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $51,925,603,108, up from $41,150,340,120 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 76.74%.
Fear and Greed Index
Market sentiment today is 10.
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,317,456,815,324, down from $1,379,899,047,217 yesterday.
What bitcoin did yesterday
We closed yesterday, 21 June, 2021, at a price of $31,676.69, down from $35,698.30, the day before.
The daily high yesterday was $35,721.64 and the daily low was $31,295.94.
This time last year, the price of bitcoin closed the day at $9,303.63. In 2019, it closed at $10,144.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $612.81 billion today, down from $616.08 billion. To put it into context, the market cap of gold is $11.328 trillion and Berkshire Hathaway is $633.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $51,925,603,108, up from $41,150,340,120 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 76.74%.
Fear and Greed Index
Market sentiment today is 10.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.05, up from 45.36 yesterday, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.92, up from 37.74 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 a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.”
- Eric Schmidt , former CEO of Google
What they said yesterday…
Relentless
Good news?
Also true
When all else fails, fresh tactics
Crypto AM Editor Picks
Anonymous say video message to Elon Musk over Bitcoin meddling isn’t theirs
Bitcoin investors are growing weary of Elon Musk’s tiresome tweets
Google slowly opening its doors to cryptocurrency advertising
Cardano bridges the gap to China by teaming up with Nervos Blockchain
Crypto AM: Longer Reads
City PM 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
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
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
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.