Crypto markets drop, but is this a signal that movement is on the way?
Crypto at a glance
The crypto markets are down this morning, with Bitcoin having fallen more than six per cent over the last 24 hours to around $32,500.
This keeps it within the narrow range between $32,000 and $36,000 where it’s been for the last month. There’s been a lot of talk recently that the long period of stability for Bitcoin has been the ‘calm before the storm’. Is this the start of the storm? And if so, is it a drop before more upside, or is there more downside to come?
It’s a sea of red on the boards this morning. Ethereum is down nine per cent to just below $2,200, having taken the lead for much of the last week. The second-largest cryptocurrency by market cap was looking well positioned on news of its London upgrade, as reported yesterday, but it failed to push past the important psychological $2,500 level it held for longer during the bull run in the first half of the year. Can it take another run at that level, or is a fall below $2,000 in sight?
There are similar falls for Cardano (ADA) and Binance Coin (BNB) today, with both retracing after recent price increases, though all still remaining in the ranges established recently. All eyes now will be on whether this is a temporary blip or whether a move outside those ranges is on the cards?
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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 $1,406,849,295,158.
What Bitcoin did yesterday
We closed yesterday, July 7 2021, at a price of $33,855.33, down from $34,235.19, the day before.
The daily high yesterday was $34,997.66 and the daily low was $33,839.29.
This time last year, the price of Bitcoin closed the day at $9,428.33. In 2019, it closed at $12,285.96.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $622.22 billion. To put it into context, the market cap of gold is $11.423 trillion and Facebook is $993.8 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,074,803,415 down from $28,279,616,821 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 76.4%.
Fear and Greed Index
Market sentiment today is 20.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.99, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.21. 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
“When I discovered Bitcoin I thought this is digital gold on a big tech monetary network and it’s going to grow by a factor of a hundred. Then I thought, well, I should buy as much as I can… I was buying it and I was thinking I have to buy as much as I can, as fast as I can or someone will figure this out and I won’t be able to.”
– Michael Saylor, endless source of quotes
What they said yesterday
Stacks of Sats…
Internet 3.0?
Something in the water in South America?
Crypto AM editor’s picks
Coinbase gets green light from German regulators
Nukkleus acquires London based Match Financial
Binance given the boot by UK financial watchdog
Ripple outpacing Bitcoin among UK crypto investors
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: Visions of the Future, Past & Present with Alex Lightman
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 – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Part one…
Part two…
Part three…
Part four…
Part five…
Crypto AM Events
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:
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 08:00 BST