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Bitcoin and Ethereum head into decline as investors look to play safe after China ban

City AM logo City AM 28/09/2021 Crypto AM Daily in association with Luno
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Did you book your place at the Crypto AM Summit and Awards?

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Crypto at a glance

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The prices of most major cryptocurrencies have slipped up to seven per cent over the last 24 hours, as investors continue to keep their cards close to their chest after the latest China crackdown.

Bitcoin is currently changing hands for around $42k, down from just below $44k yesterday. Ethereum has also fallen to below $2,900 again. 

The cryptocurrency markets seemed to stick the landing after the wobble caused by China’s fresh ban on trading, but it appears that uncertainty is set to continue through the week.

Last week, flows into all crypto funds hit $95 million – the highest they’ve been since the week ending September 3 when they hit $98 million. This week already appears more subdued though, with volumes staying low amid a cautious environment.

Other leading cryptocurrencies – including Solana (SOL) and Cardano (ADA) – have largely followed in Bitcoin’s footsteps, also dropping around three to five per cent. Algorand (ALGO) is the big faller today.

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021 graphical user interface, website © Provided by City AM

Day One will be held at ETC Fenchurch Street hosting the four 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’.

Summit & Awards Announcements 

Crypto AM Awards 2021 Judges Announced

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce Umbria Network as Silver Partner 

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Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats 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

text: price of Bitcoin © Provided by City AM price of Bitcoin

In the markets

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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 $1,878,861,568,203. 

What Bitcoin did yesterday

We closed yesterday, September 27 2021, at a price of $42,235.73, down from $43,208.54 the day before. The daily high yesterday was $44,313.25 and the daily low was $42,190.63. 

This time last year, the price of Bitcoin closed the day at $10,709.65. In 2019, it closed at $8,245.92. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $794.25 billion. To put it into context, the market cap of gold is $11.068 trillion and Facebook is $996.89 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $31,481,508,748, down from $33,234,083,681  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 54.4%.

Fear and Greed Index

Market sentiment today is 25, still in Fear.

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Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.98, up from 41.91 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 45.70, up from 41.45  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

“Bitcoin is worth ~ $1Trillion and in the future probably a lot more. It is reflecting at us how much each of us value freedom.”  

John Vallis

What they said yesterday

The Times They Are a-Changin’…

It’s no game either…

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Crypto AM: Editor’s pick

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public © Provided by City AM Hong Kong's First Bitcoin Counter Opens To The Public

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

qr code: Cardano says it will make some 'industry defining' announcements at its summit this weekend. © Provided by City AM Cardano says it will make some 'industry defining' announcements at its summit this weekend.

Binance probed over suspected insider trading

a man holding a frisbee: Changpeng Zhao Binance CEO © Provided by City AM Changpeng Zhao Binance CEO

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin © Provided by City AM Cardano coin

Morgan Stanley to launch new research team led by Sheena Shah

a close up of a busy city street: morgan stanley © Provided by City AM morgan stanley

Bitcoin can now be purchased using the Post Office app

a person holding a sign: Royal Mail Undecided In Further Post Office Closures © Provided by City AM Royal Mail Undecided In Further Post Office Closures

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

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: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

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For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – 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 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

The post Bitcoin and Ethereum head into decline as investors look to play safe after China ban appeared first on CityAM.

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