Bitcoin roused from its slumber yesterday, charging back from a low of $32,475 to more than $37k in a matter of hours. It’s currently trading at just below $37k, up 8% over the last 24 hours. It’s a pattern we’ve seen a lot in recent weeks, with a mid-week rally being followed by a sell off over the weekend. Will this week be different?
The latest price move certainly seems to have a lot more behind it, supercharged by the news that El Salvador has made the leading cryptocurrency legal tender. Subsequent tweets from the country’s president, Nayib Bukele have also made clear that we have another Michael Saylor in the making. And this time, he’s president of a bona fide country. What impact could national adoption and such a powerful advocate have on the space?
All eyes now are on whether other Latin American countries make a similar move, with Twitter commentators excitedly pointing to bullish statements from politicians in Argentina, Brazil, Mexico, Panama, and Paraguay. It’s certainly providing a timely antidote to less good news out of China, where miners in Qinghai province have received shutdown orders and some blockchain keywords across the country have been banned. Is the community numb to the country’s nonsense now?
The focus on bitcoin means that, for the first time in a while, it’s largely out there alone, with alt coins remaining largely stagnant over the last 24 hours. Bitcoin’s market dominance has now recovered to around 44%, having languished at 42% since late May.
In the markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $36,784.05 | +7.34% | -4.94% |
| Ethereum (ETH) | $2,539.52 | +0.66% | -10.24% |
| XRP (Ripple) | $0.8861 | +2.20% | -14.24% |
| Litecoin (LTC) | $168.85 | +5.26% | -11.48% |
| Bitcoin Cash (BCH) | $614.12 | +3.24% | -13.99% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,601,885,464,113.
What bitcoin did yesterday
We closed yesterday, 9 June, 2021, at a price of $37,345.12, up from $33,472.63 the day before.
The daily high yesterday was $37,537.37 and the daily low was $32,475.87.
This time last year, the price of bitcoin closed the day at $9,870.09. In 2019, it closed at $8,000.33.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $690.54 billion. To put it into context, the market cap of gold is $11.98 trillion and Facebook is $936.41 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $50,778,692,679, up from $47,806,820,106 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 97.68%.
Fear and Greed Index
Market sentiment today is 21.
Bitcoin’s market dominance
Bitcoin's market dominance today is 43.68, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.95. 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 being classed as legal tender in El Salvador means that every-day Salvadorians can easily make cross border payments without having to rely on the USD. Over 20% of GDP was made up from remittances back to El Salvador last year and therefore if El Salvador can attract even a small amount of crypto economic activity to the country, it could be huge. We may even see crypto-native companies setting up in El Salvador now that banking relationships in the country will be easier.
Bitcoin, Ethereum and other cryptocurrencies are destined for the balance sheets of more countries, central banks and corporations. El Salvador was the first country to make bitcoin legal tender and the floodgates are now open.”
— Ross Middleton, chief financial officer of DeversiFi
What they said yesterday…
El Salvador
El Salvador member of congress addresses bitcoiners around the world pic.twitter.com/OcQpM4MZl7
— LɪghtnɪngKoala 🇸🇻 🟩 🌊🌩️☀️⚡👑 (@LightningK0ala) June 9, 2021
Incentivises
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Another kind of volcano
Perpetuating FUD wastes as much energy as entire countries. https://t.co/6YJtzMTsI7
— The Wolf Of All Streets (@scottmelker) June 9, 2021
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09/06/2021
The crypto markets continued to drop yesterday, with bitcoin leading the way down. The leading cryptocurrency by market cap fell to a low of $31,114 before finding strong support at this level. It’s since bounced back to over $34k again, where it’s currently trading. Can it sustain a recovery this time?
The turbulent price action comes amid an ongoing to-and-fro between FUD and bullish news. On the FUD side, there remains concerns about the regulatory regime for crypto in China, as well as the possibility of tighter monetary policy from the US Federal Reserve.
On the brighter side, increasing chatter about rising inflation is bolstering bitcoin’s use case as a hedge against unfettered money printing, MicroStrategy has upped its corporate bond sale to buy bitcoin from $400 million to $500 million, and El Salvador has now officially recognised bitcoin as legal tender. The question now is whether bulls will be able to seize the narrative?
Elsewhere, the total market cap of the entire crypto market is back over $1.5 trillion again after hitting a low of $1.4 trillion yesterday. Ethereum fell to $2,300 before recovering to the $2,500 level where it’s been spending a lot of time recently. In all, despite yesterday seeing huge drops across the board, almost everything is recording sideways price action over the last 24 hours. But for how much longer?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $34,258.51 | +3.89% | -8.20% |
| Ethereum (ETH) | $2,531.73 | -0.79% | -6.32% |
| XRP (Ripple) | $0.8737 | -1.27% | -14.93% |
| Litecoin (LTC) | $161.07 | -1.65% | -13.40% |
| Bitcoin Cash (BCH) | $595.25 | -2.12% | -14.56% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,527,020,489,557.
What bitcoin did yesterday
We closed yesterday, 8 June, 2021, at a price of $33,472.63, down from $33,560.71 the day before.
The daily high yesterday was $34,017.39 and the daily low was $31,114.44.
This time last year, the price of bitcoin closed the day at $9,795.70. In 2019, it closed at $12,573.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $640.71 billion. To put it into context, the market cap of gold is $12.022 trillion and Facebook is $946.13 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $47,806,820,106, up from $41,274,613,763 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 88.92%.
Fear and Greed Index
Market sentiment today is 14.
Bitcoin’s market dominance
Bitcoin's market dominance today is 42.30, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.42. 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
“This current market pause is not unexpected. Everyone needs time to assess and digest what the community has built. We’re waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I’m still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology.”
— Paolo Ardoino, chief technology officer of Bitfinex
What they said yesterday…
Deal done, a historic moment
El Salvador has officially passed the bill that makes bitcoin legal tender in the country.
A historic day for humanity.
— Pomp 🌪 (@APompliano) June 9, 2021
Still relentless
MicroStrategy announces pricing of $500 Million of 6.125% Senior Secured Notes due 2028 to acquire additional #bitcoin. $MSTRhttps://t.co/qEhHtJS69Q
— Michael Saylor (@michael_saylor) June 8, 2021
Good thread, not financial advice
I recently invested some $$ in Bitcoin.
Here's why 🧵
— Alex Lieberman ☕️ (@businessbarista) June 8, 2021
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08/06/2021
Crypto at a Glance
Yesterday, we spoke of a sense of ‘calm before the storm’ in the crypto markets. It seems that sense was indeed correct, though the simple joy of being right is somewhat negated by the double digit drops across the board. Bitcoin has again found strong support at just above $32k this morning after dropping 10% over the last 24 hours, while Ethereum (ETH) has also again managed to again bounce back at $2,500 following a similar fall in price. Will they be able to sustain another recovery?
It feels like a long time ago that bitcoin was trading at around $60k, though it was actually less than a month ago now. But while recent price crashes have been defined by the surrounding FUD, this is somewhat remarkable in that it comes enveloped in rousing adoption news for bitcoin and bullish fundamentals for Ethereum.
The president of El Salvador’s announcement over the weekend that bitcoin would be considered legal tender in the Central American country has been followed by a number of politicians from other Latin American countries adding laser eyes to their Twitter profiles. The laser eyes meme is supposed to be an endorsement of the leading cryptocurrency, sparking rumour that more countries will follow El Salvador’s lead. Can the bombastic tweets of a wannabe space mogul really move the market more than adoption by a sovereign nation?
Yesterday also saw more bullishness when former US president Donald Trump gave a back-handed endorsement of bitcoin, giving it apparently accidental credibility by describing his fears that it was a “currency” that could rival the US dollar.
The latest dip took the overall market cap of all cryptocurrencies combined below $1.5 trillion for the first time since May, with Binance Coin (BNB), Cardano (ADA) and XRP (XRP) all also falling around 10% over the last 24 hours. It seems that despite recent breakouts in the alt markets, they’re largely still in thrall to bitcoin. Will they manage to decouple again?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $32,994.66 | -8.91% | -10.50% |
| Ethereum (ETH) | $2,512.79 | -9.20% | +5.26% |
| XRP (Ripple) | $0.8631 | -9.63% | -17.38% |
| Litecoin (LTC) | $158.89 | -10.76% | -13.22% |
| Bitcoin Cash (BCH) | $582.88 | -11.79% | -15.92% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,490,092,386,109.
What bitcoin did yesterday
We closed yesterday, 7 June, 2021, at a price of $33,560.71, down from $35,862.38 the day before.
The daily high yesterday was $36,790.57 and the daily low was $33,480.64.
This time last year, the price of bitcoin closed the day at $9,771.49. In 2019, it closed at $7,954.13.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $617.81 billion. To put it into context, the market cap of gold is $12.069 trillion and Facebook is $954.35 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $41,274,613,763, up from $29,583,305,813 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 85.99%.
Fear and Greed Index
Market sentiment today is 13.
Bitcoin’s market dominance
Bitcoin's market dominance today is 41.86, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.91. 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
“By using bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year.”
— El Salvador President Nayib Bukele
What they said yesterday…
Relentless
MicroStrategy Announces Proposed Private Offering of $400 Million of Senior Secured Notes to acquire additional #bitcoin. $MSTRhttps://t.co/ilhUt1M73j
— Michael Saylor (@michael_saylor) June 7, 2021
More bullish sentiment coming out of South America
A congressman from Paraguay has donned laser eyes. #Bitcoin is inevitable. https://t.co/FYaOh81S5E
— Samson Mow (@Excellion) June 7, 2021
And more?
#LaserEyes #LaserEyesTill100k #NovaFotoDoPerfil pic.twitter.com/tbxThxh5Ps
— Fábio Ostermann (@FabioOstermann) June 7, 2021
Bitcoiners already booking real estate viewings
First time looking at El Salvador real estate and it does not disappoint@nayibbukele pic.twitter.com/VJAOulwpfA
— Yano (@JasonYanowitz) June 7, 2021
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08/06/2021
The talk of crypto town continues to be whether the big bitcoin bull run is over, but those looking for decisive evidence either way this weekend will have been sorely disappointed. The crypto markets themselves are curiously tranquil at the moment. Is this the calm before the storm?
Bitcoin in particular appears to have stabilised after its recent foray into choppy waters. The May crash gave the leading-cryptocurrency-by-market-cap one of its worst months on record, but things appear to have settled somewhat of late. Bitcoin is again changing hands at around $36k today, unmoved in 24 hours and on this time a week ago. It’s now been trading in the $35k-$39k range for the majority of the past fortnight.
The period of relative stability ironically comes as drama in the crypto space amps up, and not all of it courtesy of Elon-bloody-Musk for once. The big news this weekend was the announcement at Bitcoin 2021 in Miami that El Salvado would become the first country to make bitcoin legal tender and treat it as a world currency and have bitcoin on their reserves. The move won't turn Bitcoin into an everyday currency, but it will reduce the impoverished country's reliance on the US dollar, which could drive many other countries in a similar position around the world to make similar moves. Is this just the first step on the road to a global Bitcoin standard?
There was still Elon Musk-related news, though. After further interference last week from the Tesla CEO, international hacking collective Anonymous decided they’d had enough and announced plans to target Musk for manipulating the price of cryptocurrencies with his tweets. In a video released yesterday, the group said that he wields too much power over the cryptocurrency markets and they are tired with the way he appears to be so cavalier in his attitude towards them. Will they manage to put a muzzle on him?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $36,163.95 | 0.49% | 1.19% |
| Ethereum (ETH) | $2,765.97 | 3.32% | 13.53% |
| XRP (Ripple) | $0.9553 | 1.45% | 3.98% |
| Litecoin (LTC) | $178.05 | 0.17% | 2.86% |
| Bitcoin Cash (BCH) | $659.53 | 0.65% | 1.96% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,660,339,194,869.
What bitcoin did yesterday
We closed yesterday, 6 June, 2021, at a price of $35,862.38, up from $35,551.96 the day before.
The daily high yesterday was $36,436.42 and the daily low was $35,304.58.
This time last year, the price of bitcoin closed the day at $9,653.68. In 2019, it closed at $7,822.02.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $676.73 billion. To put it into context, the market cap of gold is $11.976 trillion and Facebook is $936.69 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,583,305,813. 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 85.91%.
Fear and Greed Index
Market sentiment today is 15.
Bitcoin’s market dominance
Bitcoin's market dominance today is 41.61, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.83. 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 changes absolutely everything. I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
— Jack Dorsey, Founder of Twitter and Square
What they said yesterday…
El Salvador news getting the crowds excited
El Salvador, a country in Central America with a population on ~6.5 million people is trying to be the first sovereign nation to make Bitcoin a legal tender
Only long term hodlers will see how MEGA BULLISH this is.
Short term people are still only concerned about Elon's tweets.
— Altcoin Buzz (@Altcoinbuzzio) June 6, 2021
A matter of time
Bitcoin is money.
Every country will eventually have to admit it.— Jameson Lopp (@lopp) June 6, 2021
Waiting
Eventually you will never need to convert your bitcoin to fiat again.
— Layah Heilpern 🎬 (@LayahHeilpern) June 6, 2021
Focus where it counts
After a certain point, it just gets boring. If @elonmusk keeps tweeting nonsense about #Bitcoin, it will soon have no impact on the market.
— The Moon 🌙 (@TheMoonCarl) June 6, 2021
Source: luno blog
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