A surge yesterday saw the total crypto market swell in value to almost $1.8 trillion again, the highest it’s been in over two weeks. However, yet another intervention from professional crypto troll Elon Musk seems to have again stopped the comeback in its tracks, erasing a good portion of the day’s gains. Does he still hold that kind of power over the markets? Or was it just Bitcoin hitting resistance at $40k and a market that’s still in thrall to the original cryptocurrency?
The timing of the drop certainly feels more than a coincidence, and you couldn’t blame the crypto community for getting the jitters when the Tesla billionaire tweets about Bitcoin. If it was a sign that Musk is again distancing himself from Bitcoin though, it was a particularly cryptic one. The tweet itself was some banal drivel about a break up with a Bitcoin logo and an overused meme. He really is boring company these days.
Either way, Bitcoin was looking strong as it approached the end of the day and now it’s looking less so. The leading cryptocurrency by market cap hit a high of just below $40k, as it continued the week’s momentum. It’s since fallen back into that relatively narrow band between $34,000 and $38,000 where it’s been trading since late May, down 6% over the last 24 hours to around $36,500. Bitcoin is still up slightly over the last 7 days, but does it have the energy to take another run at $40k?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $36,704.14 | -5.17% | +0.37% |
| Ethereum (ETH) | $2,637.20 | -6.76% | +3.16% |
| XRP (Ripple) | $0.9465 | -8.42% | +5.50% |
| Litecoin (LTC) | $174.03 | -8.91% | +3.29% |
| Bitcoin Cash (BCH) | $662.23 | -7.18% | -5.45% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,655,381,765,401.
What bitcoin did yesterday
We closed yesterday, 3 June, 2021, at a price of $39,208.77, up from $37,575.18 the day before.
The daily high yesterday was $39,478.95 and the daily low was $37,243.97.
This time last year, the price of bitcoin closed the day at $9,132.49. In 2019, it closed at $7,707.77.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $682.22 billion. To put it into context, the market cap of gold is $11.904 trillion and Facebook is $924.47 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38,350,001,997, up from $35,773,398,901 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 88.2%.
Fear and Greed Index
Market sentiment today is 27.
Bitcoin’s market dominance
Bitcoin's market dominance today is 42.70, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.04. 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
“When I tweeted about what we are doing in Miami about Bitcoin, it was the most viewed video that I ever put out. The video received about seven 7 million views. It shows that the interest in crypto is incredible. I own Bitcoin, and I own Ethereum. I bought Bitcoin at a price above $30,000 and I purchased Ethereum at around $1,500. I bought it the day that the US Senate passed the $1.9 trillion Senate bill, and I knew at that point that inflation is inevitable.”
Mayor of Miami, Francis Suarez
What they said yesterday…
Numb to it now
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
Best ignored
In retrospect, it was inevitable... pic.twitter.com/pdbHxWUKxS
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 3, 2021
Conference antics
Max and @SpencerKSchiff talking about the best money on earth - #Bitcoin - at @TheBitcoinConf @maxkeiser pic.twitter.com/GeFIoz0N2d
— Stacy Herbert (@stacyherbert) June 4, 2021
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03/06/2021
Crypto at a Glance
The cryptocurrency market continues to recover today, with Bitcoin (BTC) up more than 4% over the past 24 hours at time of writing. The leading cryptocurrency by market cap is currently trading at just below $39,000, its highest price in over a week. Can it break through the strong resistance forming at $40,000?
In favour of breaking past $40,000 is the Bitcoin 2021 Conference, currently taking place in the self-proclaimed ‘city of crypto’ Miami. The theory goes that large events are essentially a breeding ground for bullish sentiment, producing a groundswell that drives prices higher. This idea is traditionally associated with Coindesk’s Consensus event, which took place last month. Unfortunately, this coincided with a significant price crash. Can Miami fare any better?
The good news bear is visiting everywhere today, with most other leading cryptocurrencies seeing gains yesterday. Ethereum is also back up over 6%, currently changing hands for over $2,800. This is a level the second largest cryptocurrency has struggled to sustain for the past week. Is it dependent on Bitcoin breaking $40k, or can it forget its own path?
The big gainers today are Polkadot (DOT), Binance Coin (BNB), and Dogecoin (DOGE), which are up around 15%, 10% and 10% respectively. Doge in particular is still riding high off the Coinbase Pro listing and accompanying barrage of tweets from Tesla CEO Elon Musk. Maybe he hasn’t got bored of crypto after all?
In the Markets
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $38,706.92 | 3.66% | 0.74% |
| Ethereum (ETH) | $2,829.40 | 4.68% | 2.94% |
| XRP (Ripple) | $1.03 | 1.08% | 5.13% |
| Litecoin (LTC) | $190.91 | 2.47% | 0.58% |
| Bitcoin Cash (BCH) | $713.83 | 2.52% | 3.19% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,743,055,841,937.
What bitcoin did yesterday
We closed yesterday, 2 June, 2021, at a price of $37,575.18, up from $36,684.92 the day before.
The daily high yesterday was $38,231.34 and the daily low was $35,966.31.
This time last year, the price of bitcoin closed the day at $9,529.80. In 2019, it closed at $10,801.68.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $723.47 billion. To put it into context, the market cap of gold is $12.061 trillion and Facebook is $933.29 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,773,398,901, up from $33,106,906,363 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 86.84%.
Fear and Greed Index
Market sentiment today is 24.
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 41.92. 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
"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value."
— Ron Paul, former presidential candidate
What they said yesterday…
The major of crypto town
Get Ready Miami! Today at 10 am I’ll be hosting my very own Crypto Conference with some of the top players in the DeFi space.
This event is free and everyone is welcome to watch on:
➡️Zoom
➡️Channel 77
➡️City of Miami Gov YouTube
➡️https://t.co/xQse5IlIVH pic.twitter.com/CidI2dTcK1— Mayor Francis Suarez (@FrancisSuarez) June 2, 2021
Okung sticks it to the man
Stick to space, Elon. @RussellOkung pic.twitter.com/a7J2WiXBN6
— Bitcoin 2021 (@TheBitcoinConf) June 2, 2021
Solving real problems
In Venezuela, people are using #bitcoin to pay for basic goods and services. It's a desperately needed medium of exchange in a country ravaged by hyperinflation.
But I'm sure they are way more worried about it's Carbon Footprint...
— Coin Bureau (guy.eth)🕵🏻 (@coinbureau) June 1, 2021
Shrewd
General market sentiment towards #Bitcoin is irrelevant. Market sentiment doesn’t predict outliers that move the needle for adoption. You can’t predict when the next Saylor arrives.
— Samson Mow (@Excellion) June 1, 2021
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03/06/2021
The crypto market has enjoyed a relative period of calm so far this week, bobbing like a well-fed boar in a shallow lake. But will it last?
Bitcoin continues to trade within a very narrow channel between $33k and $38k, currently changing hands for just over $37,000 – a bargain when you consider it was over $60,000 little over a month ago. There doesn’t seem to be any imminent chance of the leading cryptocurrency by market cap surging to a new all-time high, but is this relative stability a sign of price consolidation ahead of a recovery? The last time price swings were this low was just before the bull run in the first four months of 2021. Is the same happening here, or are we simply passing an old friend on the way back down?
The chilled out vibes appear to be catching today, with other leading cryptocurrencies also seeing limited movement. They do look like they’re heading in the right direction, though. Ethereum is up 5% over the last 24 hours and selling for over $2,700 again, while XRP, Bitcoin Cash and Litecoin have also seen price gains. Will any of them break the peace and quiet?
Crypto at a Glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $37,180.94 | 0.92% | 8.13% |
| Ethereum (ETH) | $2,676.10 | 1.18% | 6.97% |
| XRP (Ripple) | $1.02 | 2.49% | 2.30% |
| Litecoin (LTC) | $185.90 | 1.29% | 7.11% |
| Bitcoin Cash (BCH) | $694.43 | 0.07% | 10.88% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,646,717,473182.
What bitcoin did yesterday
We closed yesterday, 1 June, 2021, at a price of $36,684.92, down from $37,332.85 the day before.
The daily high yesterday was $37,896.74 and the daily low was $35,787.09.
This time last year, the price of bitcoin closed the day at $10,199.56. In 2019, it closed at $11,206.44.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $695.01 billion. To put it into context, the market cap of gold is $12.071 trillion and Facebook is $933.23 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,106,906,363, down from $36,993,518,743 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 86.77%.
Fear and Greed Index
Market sentiment today is 23.
Bitcoin’s market dominance
Bitcoin's market dominance today is 42.52, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.12. 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 found the problem [that bitcoin solves]: When we did the CARES act and Chairman Powell started crossing all sorts of red lines in terms of what the Fed[eral Reserve] would do and wouldn’t do. The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold,
— Stanley Druckenmiller, American billionaire
What they said yesterday…
Hope
#Bitcoin is hope. https://t.co/5hA89KI4BK
— Michael Saylor (@michael_saylor) June 1, 2021
Regrets
😂 Missing out on #Bitcoin kills your soul! Just HODL 😉 pic.twitter.com/rZ8G3Cxy1V
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 1, 2021
Always worth a reminder
You can buy a fraction of a bitcoin.
— Pomp 🌪 (@APompliano) June 1, 2021
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01/06/2021
Yesterday saw Bitcoin (BTC) and Ethereum (ETH) both record their biggest 24 hour gains in more than a week, hitting over $38,000 and $2,700 respectively as they recovered from the weekend’s fresh lows. They’ve since fallen back somewhat, but look to be holding strong at around $36,000 and $2,500.
The move coincides with the Reserve Bank of India’s (RBI) clarification on Monday that commercial banks cannot quote its recently-invalidated 2018 crypto banking ban to deny services to customers involved in digital assets dealings. While not going so far as to tell banks to stop denying their services to crypto investors, the move seems to herald a more positive attitude towards crypto from the bank. Will we see a big push from the country moving forward? How much would a country like India stand to benefit by embracing cryptocurrency?
While May was certainly a bad period for Bitcoin, with the price falling over 40% during the course of the month, the collapse in the alt markets actually wasn’t all that pronounced despite what it might have seemed. The Ethereum (ether) price was actually relatively unchanged over the month. Still, it was a tawdry month in the crypto markets. We’re off to a relatively promising start in June though. Can the bull run now get back on track?
Crypto Markets at a Glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $36,843.11 | 3.18% | 5.23% |
| Ethereum (ETH) | $2,648.08 | 8.67% | 0.09% |
| XRP (Ripple) | $1.04 | 4.20% | 3.40% |
| Litecoin (LTC) | $183.07 | 5.81% | 1.30% |
| Bitcoin Cash (BCH) | $693.06 | 2.82% | 6.18% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,650,129,447,955.
What bitcoin did yesterday
We closed yesterday, 31 May, 2021, at a price of $37,332.85, up from $34,616.07 the day before.
The daily high yesterday was $37,468.25 and the daily low was $34,241.94.
This time last year, the price of bitcoin closed the day at $9,461.06. In 2019, it closed at $8,574.50.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $691.2 billion. To put it into context, the market cap of gold is $12.172 trillion and Facebook is $932.1 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,993,518,743, up from $30,450,258,873 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 88.48%.
Fear and Greed Index
Market sentiment today is 20.
Bitcoin’s market dominance
Bitcoin's market dominance today is 42.84, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.81. 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
“For the first move in Bitcoin—I think from like $50 to $17,000—I just sat there aghast. And […] I wanted to buy it every day. It was going up and—even though I didn’t think much of it—I just couldn’t stand the fact that it was going up and I didn’t own it,”
— Stanley Druckenmiller, former chairman and president of Duquesne Capital
What they said yesterday…
Good news
Central Bank of India making it clear that #Bitcoin and exchanges are not banned in new memo. pic.twitter.com/ImYuEEeabH
— Documenting Bitcoin 📄 (@DocumentingBTC) May 31, 2021
Are you ready?
Half of my staff are paid in #Bitcoin working on making it 100%
— Davinci Jeremie (@Davincij15) May 31, 2021
Perspective
US Department of Defense: *Burns 4.6B gallons of fuel annually*
Media: "Bitcoin's carbon footprint is a major issue" pic.twitter.com/5ECTmxfN4t
— Dan Hedl (@danheld) May 31, 2021
The crypto state?
Wyoming is awesome!!! https://t.co/b4ABJhRWen
— JOSH (@jaycidiq) May 31, 2021
Source: lunoblog
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