Bitcoin back above $28k on important day for markets
EIGHT DAYS TO GO!
Get your tickets here…
Bitcoin’s lack of robust support at $28k yesterday seems to have disappeared as the market leader is trading strongly above $28,200 this morning. Meanwhile, Ethereum has rallied by 4% to again trade around $1,800.
While Bitcoin and US banks have been the centre of conversation in past weeks, Cardano and XRP have silently been collecting large green candles. Cardano is trading up by 14% this morning and 10% in the last week. XRP had a big day, adding 20% to its price in the last 24 hours.
It’s also a big day for traditional and DeFi markets – and the global economy – as the Federal Reserve is set to announce its latest interest rate hike later today. Fed Chair Jerome Powell has to walk the tightrope of bringing down inflation by raising rates without further damaging the economy and the financial sector, as analysts continue to point out.
“This is probably the toughest decision the Fed has had to make in a while,” Ryan Sweet, chief economist at Oxford Economics, told the BBC. Sweet is expecting a 0.25% rate increase.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.183 trillion.
What Bitcoin did yesterday
We closed yesterday, March 21, at a price of $28,175. The daily high yesterday was $28,439, and the daily low was $27,439.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $543,893 billion. To put it into context, the market cap of gold is $12.792 trillion and Tesla is $625.16 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $33,297 billion. High volumes can indicate that a significant price movement has stronger support.
The price volatility of Bitcoin over the last 30 days is 63.89%.
Fear and Greed Index
Market sentiment today is 62, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.40. 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.
Soundbite of the day
We all sense a paradigm shift. Nobody knows what the financial system will look like on the other side of this, but here’s my hope: it’s far better capitalized and stable, far more liquid (banks will hold A LOT more cash), and offers far better tech (the anti-tech regulatory push will have failed, as people will have voted with their feet to better, faster & cheaper payments & more stable tech systems-yes, including bitcoin.)
Caitlin Long, CEO and founder of Custodia Bank
What they said yesterday
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The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
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So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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.