The Bitcoin price is back above the $42k mark this morning, up three per cent over the past 24 hours and 10 per cent over the past week.
The largest cryptocurrency by market cap yesterday dropped down as low as $41k, as major stock indexes wobbled after US Federal Reserve chair Jerome Powell Powell hinted that the Federal Reserve might raise interest rates in 50-basis-point increments to tame inflation.
In a speech at the National Association for Business Economics conference, Powell said: “The labour market is very strong, and inflation is much too high. There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability.”
Other major cryptocurrencies are also performing strongly this morning, with Ethereum up four per cent since this time yesterday. Can they continue to hold?
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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
The Bitcoin economy
*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 $1.933 trillion, up from $1.853 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 21 2022, at a price of $41,078.00, down from $41,247.82 the day before. The daily high yesterday was $41,454.41 and the daily low was $40,668.04. This time last year, the price closed at $54,529.15. In 20220 it closed at $5,830.25.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $801.34 billion. To put it into context, the market cap of gold is $12.301 trillion and Tesla is $952.02 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $33.357 billion up from $21.81 billion the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 58.95%.
Fear and Greed Index
Market sentiment today is 26, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.75. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.08. 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
“If you don’t understand money, you won’t understand Bitcoin.”
Microstrategy CEO and Bitcoin Bull, Michael Saylor
What they said yesterday
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Crypto AM: Events
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
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