The crypto community on Sunday celebrated Bitcoin Pizza Day – the 12th anniversary of the first recorded real-world Bitcoin transaction. Laszlo Hanyecz bought two Papa John pizzas for 10,000 BTC, in an event particularly noted because those pizzas cost hundreds of millions of dollars at today’s prices.
The crypto markets themselves weren’t exactly in the party spirit over the weekend, but there was upward movement at least. The Bitcoin price saw small gains, though the leading cryptocurrency was unable to manage a significant break above $30k. Bitcoin is changing hands for around $30,500 at time of writing up around three per cent since this time yesterday. Other major cryptocurrencies have shown a similar uptick, including Ethereum. The big winner is Uniswap, which is up around nine per cent over the last 24 hours.
Once again it appears that the crypto markets are moving in lockstep with traditional equity markets, which ended Friday trading with a small surge after a bad start to the day. The Dow Jones was down 500 points in the morning, but recovered enough to finish up eight points.
Despite finishing the week somewhat improved, the Bitcoin price still sustained a record eighth week close in the red. During these lulls in the market, it can be easy to forget the long term value and important difference that the technology could make for so many around the world lacking good financial infrastructure.
Hanyecz probably said it best though when he said of his now-infamous pizza purchase… “I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way”. It’s still early today, history is being made and investors are all part of that.
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.303 trillion.
What Bitcoin did yesterday
We closed yesterday, May 22 2022, at a price of $30,323.72. The daily high yesterday was $30,425.86 and the daily low was $29,275.18.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $579.19 billion. To put it into context, the market cap of gold is $11.791 trillion and Tesla is $687.8 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $24.905 billion. 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 53.99%.
Fear and Greed Index
Market sentiment today is 10, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.89. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.15. 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 more clarity in crypto, you’re going to see more of the Tier 1 firms able to provide liquidity, able to provide research, able to help enhance price discovery. That will help the market mature…”
Ken Griffin, CEO of Citadel
What they said yesterday
Slow and steady wins the race…
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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