It’s been a fascinating week of price movements across the board, with all manner of possibilities conspiring to create the narratives that people enjoy pointing the finger at and calling out as the culprit.
Truth is, you could take 10 different crypto analysts, give them 10 different narratives and it’s entirely possible that each one would pick a different answer.
One narrative that has been stuck with us for more than a month now, and looks likely to cast a shadow over the world for a long time to come is, of course, Russia’s invasion of Ukraine.
It doesn’t matter what Joe Biden or Jerome Powell say about cryptocurrency, the uncertainty, doubt and economical pressure being caused by Putin’s actions often has the potential of permeating the price of Bitcoin.
In fact, only this morning, it directly pierced the narrative when Pavel Zavalny – head of Russia’s State Duma for energy – directly named Bitcoin as a potential solution to Russia’s desperate need to sell oil and gas. While talking about fossil fuel trades with China and Turkey and referencing the rouble’s downward spiral, he said “you can also trade Bitcoins”.
It’s the first direct namecheck in this context and, while it puts Bitcoin in the spotlight, it isn’t a particularly favourable glow to be cast in.
Having said that, Moscow’s sabre-rattling over crypto has done little to destabilise Bitcoin’s current run of good form. This morning, the price of Bitcoin was holding firm above $44,500 – a move upwards of three per cent over the last 24 hours, and nearly 11 per cent across the last seven days.
Ethereum, the world’s second-largest cryptocurrency, has mirrored the pattern, and currently sits north of $3,170.
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.001 trillion, up from $1.956 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 24 2022, at a price of $44,012, up from $42,899 the day before. The daily high yesterday was $44,212 and the daily low was $42,627.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $836.26 billion. To put it into context, the market cap of gold is $12.436 trillion and Tesla is $1.047 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $30.936 billion down from $26.694 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 58.35%.
Fear and Greed Index
Market sentiment today is 47, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.59. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.21. 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
“With Bitcoin as the monetary network, the financial system will be cheaper, faster, more innovative, and more inclusive.”
Strike CEO, Jack Mallers
What they said yesterday
Bitcoin is a different kind of resourceful…
Sometimes it’s about how smart you work, not how hard you work…
The future looks bright…
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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
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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