Markets pullback but Deloitte finds finance professionals bullish in long term
Crypto at a glance
The cryptocurrency markets are broadly down this morning, as the majority experience pullback after recent strong performances. A total of $150 billion in value was wiped off the total value of the cryptocurrency market over the last 24 hours, though it’s still holding at over $2 trillion.
After breaking above $50,000 earlier this week for the first time since May, Bitcoin has now fallen back to around $48,000 as of time of writing – down more than three per cent over the past 24 hours but still up seven per cent over the past week.
It’s a similar story across the board, with alt coins experiencing even greater retraces. Ethereum is down around five per cent to $31,150, while Cardano and Dogecoin have seen even greater declines of around 8/9%. Will they recover before the weekend?
In the news, Deloitte’s recent blockchain report has found that the majority of financial professionals expect digital assets to replace government-issued currencies within a decade. In the survey, 76% said Bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years. Will they be proved right?
The Crypto AM London Blockchain & DeFi Summit will be held on September 20 and 30…
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‘.
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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 $2,088,431,111,122.
What Bitcoin did yesterday
We closed yesterday, August, 2021 24, at a price of $47,706.12 down from $49,546.15 the day before.
The daily high yesterday was $49,878.77 and the daily low was $47,687.12
This time last year, the price of Bitcoin closed the day at $11,366.14. In 2019, it closed at $10,138.52.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $909.88 billion. To put it into context, the market cap of gold is $11.415 trillion and Facebook is $1.03 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31,845,570,556. 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 47.32%.
Fear and Greed Index
Market sentiment today is 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.31, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.82. 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
“Crypto’s not a fad. There are elements of this, certainly, that feel a little speculative and bubbly… but if we zoom out and look at the secular 10-, 20-year trend… we view crypto as a fundamental enabling component of this new digital world.”
– Meltem Demirors, Influencer
What they said yesterday
Relentless…
Big…
Nice…
Crypto AM editor’s pick
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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
Jonny Fry: Taking a Byte Out of Digital Assets
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
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