Daily briefing: Are good vibes returning to bitcoin?

Team Luno
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Crypto at a glance

 

The Bitcoin price is back up at around the $40k level this morning after dipping as low as $36k yesterday, as the markets continue to look volatile this week. It’s currently up more than 7% over the last 24 hours and 30% since last Wednesday.

 

The price activity and recent glut of adoption news courtesy of Elon Musk and Jack Dorsey does seem to have brought back the positive vibes to the market, though. The Fear and Greed index, which measures market sentiment, is up at 50 in ‘neutral’ – the highest it’s been since early May. The Fear & Greed index dropped as low as 10 on Wednesday, 21 July, and has since seen steady growth as the overall sentiment has improved. We’re still some way off the euphoria witnessed from November till March, which saw the index rarely fall below 90, but could momentum be shifting?

 

Even more positively, the daily trading volume for bitcoin reached $9.2 billion on Monday, which was the highest since June 22. In a report by Arcane Research and Luno, it was noted that: “the increasing volume amid bitcoin’s strength suggests that the strong recovery was supported by an influx of buyers, a healthy sign for the market. However, it should be noted that the trading volumes were trending downwards and saw four consecutive days below $3 billion before bursting amid yesterday’s recovery. Overall, the 7-day average trading volume remains substantially below its yearly average, and trading activity in bitcoin seems to be low so far this summer.” The big question now is whether yesterday’s spike was a one off, or the start of a broader trend shift.

 

The recovery today comes as calls continue for increased regulation around cryptocurrency in the US, developments that would usually spook the market but seems to have had limited impact. In an open letter to US Treasury Secretary Janet Yellen on Monday, US senator and long-time crypto skeptic Elizabeth Warren urged the Financial Stability Oversight Council (FSOC) Yellen develop a regulatory strategy to “mitigate the growing risks that cryptocurrencies pose to the financial system.” Regulation has historically had a positive impact on adoption, so if handled correctly then it could be a win-win. If handled correctly of course...

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $39,685.26 +6.97% +28.68%
Ethereum (ETH) $2,271.76 +3.26% +21.20%
XRP (Ripple) $0.6384 +1.83% +16.92%
Litecoin (LTC) $133.62 +3.68% +19.10%
Bitcoin Cash (BCH) $494.56 +3.73% +18.98%

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,546,946,846,506.

 

What bitcoin did yesterday

 

We closed yesterday, 27 July, 2021, at a price of $39,406.94, up from $37,337.53, the day before.

 

The daily high yesterday was $39,406.94 and the daily low was $36,441.73.

 

This time last year, the price of bitcoin closed the day at $10,912.82 . In 2019, it closed at $9,552.86.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $742.97 billion. To put it into context, the market cap of gold is $11.459 trillion and Facebook is $1.042 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $37,165,810,948, down from $40,680,137,837 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 53.4%.

 

Fear and Greed Index

 

Market sentiment today is 50.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 49.21, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 70.05. 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 definitely do not believe in getting the price high and selling, or anything like this. I would like to see bitcoin succeed."

— Elon Musk, spaceman

 

What they said yesterday…

 

Huge sums

 

 

 

People have a lot of time on their hands

 

 

 

HODLing

 

 

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
27/07/2021

 

Crypto at a Glance

Bitcoin topped out at just over $40,000 yesterday evening, before a sharp retrace brought it back down to around $37,300 this morning. It was the first time since June that the bitcoin price has exceeded $40k, which is becoming an increasingly stubborn point of resistance for the world’s largest cryptocurrency. Still, it’s important to remember that just days ago all eyes were on bitcoin crashing below $30,000 and people were sharpening their obituary-writing quills. Despite the apparent volatility over the past week, bitcoin has yet to really leave the $30-40k range where it’s now been for two entire months.

 

The price drop came as Amazon issued a denial-of-sorts to reports that it’s planning on launching its own cryptocurrency and could start accepting bitcoin for payment as early as this year. The retail giant reiterated its interest in the space and its commitment to exploring how customers could benefit, though said the specific details of the insider’s comments were not true. Which specific details? Was Amazon just testing the public reaction?

 

It’s also important to remember that the Amazon rumours were just the tip of the iceberg on a bullish week of news that included Twitter CEO Jack Dorsey committing—in public, personally—to integrating bitcoin payments into his social media platform, and Elon Musk reaffirming his commitment to bitcoin and crediting it for improving its renewable energy mix. It’s not sensible to make major investment decisions on rumours alone, and who needs to when there’s so much going on?

 

In the Markets

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $37,094.85 -4.31% +24.29%
Ethereum (ETH) $2,199.62 -6.98% +24.53%
XRP (Ripple) $0.627 -5.90% +17.91%
Litecoin (LTC) $128.90 -6.87% +20.76%
Bitcoin Cash (BCH) $476.12 -6.23% +20.15%

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,465,172,618,590.

 

What bitcoin did yesterday

 

We closed yesterday, 26 July, 2021, at a price of $37,337.53, up from $35,350.19, the day before.

 

The daily high yesterday was $40,499.68 and the daily low was $35,287.31.

 

This time last year, the price of bitcoin closed the day at $10,990.87 . In 2019, it closed at $9,477.68

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $697.89 billion. To put it into context, the market cap of gold is $11.391 trillion and Facebook is $1.056 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $40,680,137,837, up from $35,443,317,426 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 53.91%.

 

Fear and Greed Index

 

Market sentiment today is 32.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 48.21, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 64.99. 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

 

“It might make sense just to get some in case it catches on.”

— Satoshi Nakamoto, Bitcoin creator

 

What they said yesterday…

 

How pumps happen?

 

 

 

It’s happening?

 

 

 

Invest with your head, not your heart

 

 

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
26/07/2021

A perfect storm of bullish news has swept Bitcoin into the new week on the crest of a wave, with an astronaut, a social media mogul, and a rapper steering the ship back up to the dizzy heights of $40k. But are things just getting started?

 

Having started its ascent last week on news that Tesla was considering again accepting the cryptocurrency for payment, the Bitcoin price soared 15% last night to over $39,000 for the first time since 17 June. Yesterday marked its sixth consecutive day in the green, during which time it increased more than 20% in value, though the price has since dropped back to around $38,000 at time of writing.

 

This breakout seems to have been sparked by a much more mass market retailer than Tesla accepting the world’s largest cryptocurrency. Reports yesterday citing an insider familiar with the matter said that Amazon is looking to accept Bitcoin payments ‘by the end of the year’. Not content with just going into space, Jeff Bezos is looking to go to the moon too. An insider familiar with the matter told City AM that “It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”

 

He’s also joined by Twitter CEO and renowned Bitcoin bull Jack Dorsey, who is again pushing Bitcoin use cases in the micro-blogging platform. Dorsey told the company’s second-quarter earnings call that Bitcoin would be a “big part” of the company’s future and had the potential to further transform Twitter’s products and services.

 

Bitcoin’s breakout appears to have dragged other cryptocurrencies along in its wake, with everything rising today. The total market cap of all cryptocurrencies is over $1.5 trillion for the first time since June, with Ethereum up 7% over the last 24 hours to around $2,300 and Bitcoin Cash up 11% to around $500.

 

Busta Rhymes is having a whale of a time tweeting about it all too. Even the hype men are getting an upgrade.

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $38,771.87 +12.23% +21.93%
Ethereum (ETH) $2,365.21 +8.90% +23.95%
XRP (Ripple) $0.6653 +9.80% +13.21%
Litecoin (LTC) $138.17 +9.67% +15.18%
Bitcoin Cash (BCH) $507.19 11.71% 14.95%

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,535,729,146,151.

 

What bitcoin did yesterday

 

We closed yesterday, 25 July, 2021, at a price of $35,350.19, up from $34,292.45, the day before.

 

The daily high yesterday was $35,364.93 and the daily low was $33,881.84.

 

This time last year, the price of bitcoin closed the day at $9,905.17. In 2019, it closed at $9,870.30.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $724.45 billion. To put it into context, the market cap of gold is $11.481 trillion and Facebook is $1.048 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $35,443,317,426. 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 48.04%.

 

Fear and Greed Index

 

Market sentiment today is 26.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 47.67, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 68.80. 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've had the honor of meeting bitcoin core developers. They know economic history better than anyone I've ever met."

— Cathie Woods, ARKinvest CEO

 

What they said yesterday…

 

Watch out

 

 

 

Bust a rhyme

 

 

 

To the moon

 

 

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
23/07/2021

Crypto at a Glance

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $32,462.87 +0.87% +2.33%
Ethereum (ETH) $2,070.80 +3.93% +8.12%
XRP (Ripple) $0.5983 +1.95% -0.86%
Litecoin (LTC) $442.35 +1.68% -3.15%
Bitcoin Cash (BCH) $120.56 +2.40% -3.50%

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,345,664,918,099.

 

What bitcoin did yesterday

 

We closed yesterday, 22 July, 2021, at a price of $32,313.11, up from $32,110.69, the day before.

 

The daily high yesterday was $32,576.40 and the daily low was $31,745.30.

 

This time last year, the price of bitcoin closed the day at $9,581.07. In 2019, it closed at $9,900.77.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $611.26 billion. To put it into context, the market cap of gold is $11.478 trillion and Facebook is $995.78 billion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $20,344,749,230, down from $26,309,040,191 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 50.2%.

 

Fear and Greed Index

 

Market sentiment today is 23.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 45.99, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 48.43. 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

 

"The internet gets a chance to have a native currency, to me that's Bitcoin because of the principles, creation story, and resilience. But what inspires me the most, is the community driving it."

 

Jack Dorsey, Bitcoin bull and tie dye aficionado

 

What they said yesterday…

 

Another convert

 

 

 

The holy trinity?

 

 

 

Times are changing

 

 

 

Avatar Team Luno
Author

Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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