Presidents, senators and bright shiny Bitcoins
Greetings from Gibraltar where I have been having fascinating talks with regulatory advisors – very timely as it turns out given the breaking news that Celsius are abandoning London and withdrawing their FCA application.
This also follows the news that Malta has been grey listed by FATF. Why is this relevant? Because it underscores the importance of paying attention to detail – something Gibraltar takes very seriously given VASP regulation is one of the bed-Rocks (pun intended) of its current positioning. London needs to pay attention or pay the price.
I have also had the opportunity to have a private view of the wonderfully restored HQ of Xapo Bank in Grand Casemates Square – more on this when Crypto AM shines its Spotlight on Xapo next week.
Crypto at a glance
Yesterday saw the president of a bona fide country call Bitcoin a “leap forward for humanity”, a sitting US senator announced that she was buying the dip, and a frontrunner in the New York Mayoral race said he was going to make the city the “centre of Bitcoin”. Whatever the price is doing at the moment, the Bitcoin community has undoubtedly come a long way from internet forums and backroom meetups in Ramada Inns.
The Bitcoin price was actually pretty stable yesterday as it goes, continuing to trade in the range between $30-40k where it’s spent the better part of the last two months. It’s currently down around three per cent over the last 24 hours, changing hands for around $33k. The Ethereum price too continues to hover around the same $2,000 level as yesterday, also down three per cent over the last day.
It’s better news for Cardano (ADA) and Dogecoin (DOGE) today, both of which are up more than five per cent, but alt coins generally are having a tough time of late. Bitcoin’s share of the total crypto market fell to below 40 per cent in May as alt coin mania reached fever pitch amid a rush for profits. This preceded a near 30 per cent price crash. Since then, the dominance rate has risen steadily and is currently back at 47 per cent. Some pundits believe low market dominance for Bitcoin is a sign of retail-driven investor froth lifting other coins and a negative market indicator. Can Bitcoin recover 50 per cent of the market and will this really suggest the bull run is back on track?
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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:
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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 $1,339,157,124,126, down from $1,362,454,635,801 yesterday.
What Bitcoin did yesterday
We closed yesterday, June 23 2021, at a price of $33,723.03, up from $32,505.66 the day before.
The daily high yesterday was $34,753.41 and the daily low was $31,772.63.
This time last year, the price of Bitcoin closed the day at $9,629.66. In 2019, it closed at $10,855.37.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $619.31 billion, down from$635.78 billion yesterday. To put it into context, the market cap of gold is $11.288 trillion and Berkshire Hathaway is $628.22 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,955,372,295, up from $64,310,539,937 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 77.47%.
Fear and Greed Index
Market sentiment today is 22.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.83, down from 47.21 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.75, down from 41.88 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
“All of bitcoin’s benefits, in my opinion, are sufficient to make it the modern world’s gold. It’s pointless to argue over whether it’s a currency or not. The fact that Bitcoin is limited in supply, easy to transfer, and has a high level of worldwide liquidity are compelling reasons to consider it as part of an investment portfolio.”
– Mexican billionaire Ricardo Salinas Pliego
What they said yesterday
A president…
A senator…
An NYC Mayoral candidate…
Crypto AM Editor picks
John McAfee found dead in his Spanish prison cell
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 – 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
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.