Facebook’s Diem finally ready to launch, though markets are unmoved
Crypto at a glance
The crypto markets are holding steady again this morning, with the Bitcoin price flat over the last 24 hours. The leading cryptocurrency is currently changing hands for just below $45k, roughly the same as it was yesterday.
Other leading cryptocurrencies including Ethereum and XRP have also seen limited movement of less than one per cent either way. The big gainers today are Cardano (ADA) and Solana (SOL), both of which are up more than five per cent and continue their recent winning streak.
Cardano’s Alonzo mainnet hard fork – which will allow users to run smart contracts on the network – is now scheduled for September 12.
The big news yesterday was that Facebook Diem – formerly Libra – is ready to come to market. The crypto markets stayed flat on the news, apparently unimpressed by the latest twist on the ongoing saga.
The project’s co-creator David Marcus noted in a blogpost Marcus explained in a blog post announcing the news that: “We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments.”
He also added: “I strongly believe if there was ever a chance to create an open, interoperable protocol for money on the internet and truly change the game for people and businesses around the world, it is now.” Will it be Diem, though?
The Crypto AM London Blockchain & DeFi Summit will be held on September 29 and 30…
Day One will be held in two Pavilions hosting the 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’.
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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 $1,912,047,487,011.
What Bitcoin did yesterday
We closed yesterday, August 18 2021, at a price of $44,801.19 down from $44,695.36 the day before.
The daily high yesterday was $45,952.06 and the daily low was $44,364.03.
This time last year, the price of Bitcoin closed the day at $11,758.28. In 2019, it closed at $10,916.05.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $835.08 billion. To put it into context, the market cap of gold is $11.323 trillion and Facebook is $1.002.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31,052,421,500 up from $35,060,464,885. 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 53.33%.
Fear and Greed Index
Market sentiment today is 70.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.25, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.57. 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 have to pay Bank of America $25 to make a wire today that’s going to take 24h. That’s ones and zeros. They’re making money for doing nothing. Bitcoin and crypto can get rid of that friction.”
– Alexis Ohanian, Reddit co-founder in 2014
What they said yesterday
Emerging markets making waves…
The institutional influx continues…
Worth a read…
Crypto AM editor’s pick
Ethereum will overtake Bitcoin by 2026, says deVere boss
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 leader’s book is flying off the shelves
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 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 – 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