Bitcoin in celebratory mood as a big week ahead looms for financial markets
Yesterday marked the 13th birthday of the Bitcoin (BTC) white paper, a monumental moment in cryptocurrency (and world) history.
The whitepaper arrived in the inboxes of a cryptography mailing list hosted by Metzdow at approximately 2pm Eastern Time. In the email, which is maintained by the Nakamato Institute, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, wrote: “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
The rest, as they say, is history.
Bitcoin was officially launched on January 3 2009. Today, Bitcoin has hundreds of millions of users worldwide. The cryptocurrency markets seem in a celebratory mood, too. Bitcoin itself is up two per cent over the last 24 hours to just above the £62k mark, while Ethereum is also up 1.5 per cent to just above $4,300. Solana (SOL) and Shiba (SHIB) are the day’s big winners, both up around 11 per cent since yesterday morning.
Looking at the week ahead, Wednesday’s Fed meeting is widely expected to see policymakers announce plans to begin tapering off the monthly $120 billion in asset purchases introduced as part of measures to protect the economy from COVID 18 months ago.
The measures have been credited for increased risk-taking in the financial markets. Thursday will also see the Bank of England take a decision on interest rates, with an increase expected to be introduced in the face of rising inflation.
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Friday’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 $2,649,122,897,110.
What Bitcoin did yesterday
We closed yesterday, 31 October 2021, at a price of $61,318.96, up from $61,888.83 the day before. The daily high yesterday was $62,406.17 and the daily low was $60,074.33.
This time last year, the price of Bitcoin closed the day at $13,780.99. In 2019, it closed at $9,199.58.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.176 trillion. To put it into context, the market cap of gold is $11.34 trillion and Meta (Facebook) is $900.09 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $34,876,173,996 yesterday. 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 41.3%.
Fear and Greed Index
Market sentiment today is 74.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.35. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.29. 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
“Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also powers the network to prevent double-spending.”
Satoshi Nakamoto, Bitcoin founder
What they said yesterday
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