Bitcoin continues to surf a wave of good news, with yesterday adding bullish billionaire investors to recent national adoption news, Musk’s re-emergence, and more MicroStrategy buying. The leading cryptocurrency by market cap is again trading at over $40,000 for the first time since 27 May. It’s a number many greeted with dismay just a month ago when the markets entered a state of apparent free fall, but can it now be used as a launchpad to get the bull run back on track?
A lot of credit for the recent recovery is again going to Tesla CEO Elon Musk, who tweeted on Sunday that the electric car maker would allow bitcoin transactions again “when there’s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend.” Is his power so great that even such lukewarm sentiment really moves the market? A friendly reminder that only one Tesla was actually paid for in bitcoin when it was available as a payment method.
Bitcoin also got a helping hand yesterday from hedge fund manager Paul Tudor Jones, who told CNBC that he sees bitcoin as an important way for investors to diversify their portfolios and had increased his own allocation. Is the bitcoin price still in thrall to billionaires?
Either way, the bitcoin price is now up over 20% in the last 7 days. The fear and greed index, which tracks market sentiment, is also back up at 38, which is the highest it’s been since May 12, while 87% of investors surveyed by cryptocurrency brokerage firm Voyager said they plan to increase their bitcoin or other crypto holdings over the next quarter. Is the bull run really getting back on track?
It’s good news everywhere today, with Ethereum also following Bitcoin’s lead at last. The second-largest cryptocurrency-by-market-cap is currently up 3% over the last 24 hours, changing hands for over $2,600. It received a timely boost yesterday from Goldman Sachs, which revealed plans to offer ether options.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $40,321.11 | 1.82% | 23.61% |
| Ethereum (ETH) | $2,613.18 | 4.46% | 5.61% |
| XRP (Ripple) | $0.8946 | 2.13% | 5.29% |
| Litecoin (LTC) | $179.31 | 5.55% | 15.57% |
| Bitcoin Cash (BCH) | $644.64 | 4.59% | 12.61% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,746,005,595,492.
What bitcoin did yesterday
We closed yesterday, 14 June, 2021, at a price of $40,536.07, up from $39,097.86, the day before.
The daily high yesterday was $40,978.36 and the daily low was $38,757.28.
This time last year, the price of bitcoin closed the day at $9,450.70. In 2019, it closed at $8,838.38.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $755.22 billion. To put it into context, the market cap of gold is $11.881 and Facebook is $954.89 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $46,534,253,921, up from $44,266,747,568 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 97.5%.
Fear and Greed Index
Market sentiment today is 38.
Bitcoin’s market dominance
Bitcoin's market dominance today is 45.40, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52.60. 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 like bitcoin. Bitcoin is math, and math has been around for thousands of years. I like the idea of investing in something that’s reliable, consistent, honest and 100% certain. So bitcoin has appealed to me, as it’s a way for me to invest in certainty. “The only thing that I know for certain is I want to have 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities, at this point in time. I don’t know what I want to do with the other 80%, I want to wait and see what the Fed’s going to do.”
— Paul Tudor Jones, head of the $44.6 billion Tudor Investment Corporation
What they said yesterday…
Another way of looking at it
If you invest 5% of your portfolio in #bitcoin, you have made the decision to invest 95% of your portfolio in assets getting demonetized by bitcoin.
— Michael Saylor (@michael_saylor) June 14, 2021
Pat Toomey tells it like it is
U.S. Senator Pat Toomey wrote a letter to Treasury Secretary Janet Yellen this week about cryptocurrencies.
“Cryptocurrencies stand to dramatically improve consumers’ privacy, access to financial services, and power to make decisions for themselves,” says the Senator. pic.twitter.com/y4qTbLwLyf
— Documenting Bitcoin 📄 (@DocumentingBTC) June 13, 2021
Dead?
#bitcoin IS money.
The law in El Salvador says so. This argument is dead.
— Peter McCormack 🇸🇻 (@PeterMcCormack) June 14, 2021
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14/06/2021
What started as another weekend of woe for Bitcoin turned on a sixpence yesterday, with the leading cryptocurrency soaring 12% over the last 24 hours. It fell to $34,700 on Saturday, but is currently back changing hands at just over $39,500 again – the highest the price has been since 27 May. Can it now escape that $30-40k range it’s now been stuck in for the past month?
Market sentiment is at its highest level since early May, up at 28 on the Fear and Greed Index today. That’s still in ‘Fear’, but it represents a marked turnaround after recent lows. And the positive vibes are understandable, with good news continuing to pour in over the weekend.
First, the buzz around last week’s announcement that El Salvador will make Bitcoin a legal tender continues. More and more countries are making noises around adopting the so-called Bitcoin Standard, with Tanzania the latest to make moves. Tanzania’s leader Samia Suluhu Hassan this weekend told the East African nation’s financial chiefs to prepare for cryptocurrency. Africa arguably has even more to gain than the Latin American countries pushing for adoption – can Tanzania spark a chain reaction on the continent?
Tesla CEO Elon Musk was also again at the forefront, with the Dogecoin lover and space enthusiast tweeting on Sunday that Tesla “will resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” The tweet immediately sent Bitcoin through resistance at $36k, proving that the billionaire is still an influential player in the market. Is this a good thing? Will people care if he continues to send the price up rather than down?
It’s still all about Bitcoin again today, with its market dominance climbing again to almost 46%. Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) are all up around 7%, though they’re still down on the week. Can they regain lost ground this week?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $39,543.13 | +12.04% | +9.77% |
| Ethereum (ETH) | $2,505.63 | +7.18% | -9.04% |
| XRP (Ripple) | $0.8759 | +6.06% | -8.25% |
| Litecoin (LTC) | $169.64 | +6.66% | -4.77% |
| Bitcoin Cash (BCH) | $615.97 | +8.96% | -6.60% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,634,914,140,657.
What bitcoin did yesterday
We closed yesterday, 13 June, 2021, at a price of $39,097.86.
The daily high yesterday was $39,322.78 and the daily low was $34,864.11.
This time last year, the price of bitcoin closed the day at $9,386.79. In 2019, it closed at $8,693.83.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $741.91 billion. To put it into context, the market cap of gold is $11.831 trillion and Facebook is $939.27 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $44,266,747,568. 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 95.78%.
Fear and Greed Index
Market sentiment today is 28.
Bitcoin’s market dominance
Bitcoin's market dominance today is 45.84, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.26. 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 think the internet wants a native currency and I think bitcoin is probably the best manifestation of that so far."
— Jack Dorsey, Twitter CEO
What they said yesterday…
It’s time
Mr. @MBuhari, I hope you will consider decisive action for the Nigerian people.
I’d love to offer my full support. https://t.co/wJZhwbZ9Jo
— Okung 💯 (@RussellOkung) June 13, 2021
A man on a mission
Stay tuned!#Bitcoin♻️🌋🇸🇻 https://t.co/bEHJK0SISa
— Nayib Bukele 🇸🇻 (@nayibbukele) June 14, 2021
Team effort
🇸🇻 https://t.co/NnqhNpFqQm
— jack (@jack) June 13, 2021
Bitcoin is hope
If you worry the government might devalue 90% of your life savings and seize your dollars, #bitcoin fixes this. https://t.co/SSVfgf6Itk
— Michael Saylor (@michael_saylor) June 13, 2021
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11/06/2021
Bitcoin continues to look strong while the alt markets flounder, as bullish news pours in from every direction. The leading cryptocurrency by market cap hit a high of $38,334.33 yesterday, though it’s since fallen back to just over $37,000 this morning. Can it ride the wave through the weekend?
Yesterday’s bullish news was brought to you courtesy of the Basel Committee, the arbiter of international banking standards. They have now formally recognised Bitcoin as an asset class, proposing rules for banks to hold the cryptocurrency that put it in the highest risk category. Bitcoin saw an immediate jump in price of $2,000, rising 5% in under 2 hours.
The Basel Committee’s recognition is a major milestone for bitcoin into the world of traditional finance. But that wasn’t the only foray into traditional finance for bitcoin yesterday, with two major players announcing moves into the space. Victory Capital, which manages nearly $160 billion in assets, announced they will launch a private fund for accredited investors that will track the Nasdaq Crypto Index (NCI). State Street, the second oldest bank in the US, also announced plans to launch a “multi-asset platform” that will support cryptocurrency trading, citing rapidly-rising customer demand.
The news tops a bullish week of news for Bitcoin, which has recovered well from Tuesday’s $31k. Weekends have not been kind to the crypto markets lately, but will this be different?
Bitcoin seems to be out on its own somewhat at the moment, with stagnation down the rankings enabling the market leader to recover some of the dominance it lost recently. It currently accounts for almost 45% of the market again, with Ethereum changing hands for below $2,500 at time of writing – down 4% over the last 24 hours. Can it follow Bitcoin’s lead again?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $37,118.03 | +0.91% | +1.24% |
| Ethereum (ETH) | $2,453.32 | -3.39% | -6.57% |
| XRP (Ripple) | $0.8636 | -2.55% | -7.71% |
| Litecoin (LTC) | $172.41 | -2.36% | -0.79% |
| Bitcoin Cash (BCH) | $602.36 | -1.91% | -8.89% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,572,300,540,517.
What bitcoin did yesterday
We closed yesterday, 10 June, 2021, at a price of $36,702.60, down from $37,345.12 the day before.
The daily high yesterday was $38,334.33 and the daily low was $35,847.59.
This time last year, the price of bitcoin closed the day at $9,321.78. In 2019, it closed at $7,927.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $688.45 billion. To put it into context, the market cap of gold is $12.101 trillion and Facebook is $942.67 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $43,224,623,214, down from $50,778,692,679 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 96.79%.
Fear and Greed Index
Market sentiment today is 21.
Bitcoin’s market dominance
Bitcoin's market dominance today is 44.52, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.54. 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 a technical solution to give 8,000,000,000 people property rights... when their relatives remit money back to El Salvador they lose 10% through money transfer agents."
— Part time MicroStrategy CEO + full time Bitcoin bull, Michael Saylor
What they said yesterday…
Bitcoin is hope
In a country where 70% of the population is excluded from the financial system, #Bitcoin is hope. The Republic of El Salvador is leading the way toward a better world. https://t.co/RionxNPh7I
— Michael Saylor (@michael_saylor) June 10, 2021
This is fun whether you like bitcoin or not
Prices in El Salvador's supermarkets will now "be displayed in both Bitcoin and dollars." – BBC pic.twitter.com/1oUwGClHyI
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2021
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