Ethereum prepares for upgrade as Cardano takes lead

Bitcoin is currently trading at around $38,000 after seeing a 10% correction from its 1 Aug peak of $42,500. It’s currently down about 1.5% over the past 24 hours and changing hands for around $37,750. There’s significant support at $37,500, but if this fails to hold today then we may see a further slip to around $36,000. If it rises higher again, the $42,000 level that acted as resistance first in early January and now in August is still a tough nut to crack. 

Ether has been outshining bitcoin in the last few weeks and saw 13 consecutive days of gains that ended Monday. This was a new record for the cryptocurrency, with the previous record sitting at 10 consecutive daily gains, set back in January 2018. The smart contracts giant is breaking even today and the price continues to hover just below $2,500. 

All eyes are now on the long-anticipated upgrade to the ethereum network that was delayed from today until Thursday. The upgrade, technically known as Ethereum Improvement Protocol 1559, or EIP-1559, will make transaction fees more predictable and burn an unknown number of coins, limiting supply. This is not to be confused with the even-longer-awaited Ethereum 2.0, which will see Ethereum transition from a proof of work consensus algorithm similar to bitcoin, to a proof of stake system. It’s hoped that this will reduce the environmental impact and allow the network to become more scalable.

The majority of coins are down today, with only Cardano (ADA) up. ADA is up around 3% today to $1.33. 

The Crypto AM London Blockchain & DeFi Summit will be held on the 29 & 30 September…

Day One will be held in two Pavilions hosting the Crypto AM City of London 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:  

events@cityam.com 

using the subject line CRYPTOAM SUMMIT

https://www.cityam.com/

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some stats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

In the markets

https://www.cityam.com/

The Bitcoin economy

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*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 $1,552,462,928,514. 

What bitcoin did yesterday

We closed yesterday, 3 August, 2021, at a price of $38,152.98, down from $39,201.95 the day before. 

The daily high yesterday was $39,750.03 and the daily low was $37,782.05. 

This time last year, the price of bitcoin closed the day at $11,205.89. In 2019, it closed at $10,970.18. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $710.79 billion. To put it into context, the market cap of gold is $11.539 trillion and Facebook is $990.3 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $23,926,050,664, up from $26,310,903,320 the day before. 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 54.03%.

Fear and Greed Index

Market sentiment today is 42.

https://www.cityam.com/

Bitcoin’s market dominance

Bitcoin’s market dominance today is 46.35, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 54.10. 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 don’t think you’re going to see anything like crypto going away and disappearing. It’s here.”

  • David Rubenstein, Billionaire private equity investor

What they said yesterday…

Ready?

Wisdom

Growth

Jack in the corner

Crypto AM Editor Picks

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 leaders book is flying off the shelves

Crypto AM: Longer Reads

City AM 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 21-22 April 2021

Part Two of Two 21-22 April 2021

Five Part Series 8-12 March 2021

Day One

Day Two

Day Three

Day Four

Day Five

Crypto AM Events

https://www.cityam.com/

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

https://www.youtube.com/watch?v=dvqNMNZTIDE?feature=oembed

Part Two

https://www.youtube.com/watch?v=WXhX_-Tr5j0?feature=oembed

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 AM, 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



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