Thursday 23 September 2021 11:20 am

Bitcoin on road to recovery, but options expiry on Friday looms large


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Crypto at a glance

The cryptocurrency market continues to recover this morning, with Bitcoin (BTC) rising around four per cent in price over the last 24 hours to just below the $44k mark.

The largest cryptocurrency’s recovery is echoed in the alt markets, with Ethereum (ETH) rising seven per cent to more than $3,100. Solana (SOL) and Polkadot (DOT) are the big gainers, both up around 14 per cent over the last 24 hours, although they are also recovering from heavier losses. Will the recovery continue as we head into the weekend?

The rebound comes as fears subside around the collapse of Chinese property developer Evergrande. The Shenzhen-based company, which many feared had unpayable debts of in excess of $300 billion, has now struck a deal over another debt to settle interest payments on a domestic bond.

The news appears to have settled the markets somewhat, with stock markets also opening up this morning. They certainly don’t seem to be out of the woods yet though Could the crisis be a persistent influence on the crypto markets during the coming weeks?

There are other potential explanations for the recovery. The US Federal Reserve’s announcement on Wednesday that it would maintain benchmark interest rates at near zero has been cited as one cause, with investors looking to Bitcoin as an alternative to interest-bearing investments, such as bonds. 

Another explanation is traders eying Bitcoin’s September options expiry on Friday, with a total of 73,700 options contracts worth $3.14 billion due to expire. An options contract gives the buyer the opportunity to buy or sell an underlying asset, depending on the type of contract they hold. The expiry will see many take new positions. Which way they go could prove telling about the market’s direction over the coming months.

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021

Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks. 

Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.

For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: using the subject line ‘CRYPTOAM SUMMIT’.

Summit & Awards Announcements 

Crypto AM Awards 2021 Judges Announced

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce Umbria Network as Silver Partner 

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Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,144,865,389,484. 

What Bitcoin did yesterday

We closed yesterday, 22 September 2021, at a price of $43,574.51, up from  $40,693.68 the day before. The daily high yesterday was $43,978.62 and the daily low was $40,625.63. 

This time last year, the price of Bitcoin closed the day at $10,246.19. In 2019, it closed at $9,729.32. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $829.95 billion. To put it into context, the market cap of gold is $11.202 trillion and Facebook is $967.66 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $37,199,291,459, down from $45,949,664,555 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 52.42%.

Fear and Greed Index

Market sentiment today is 27.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.43, down from 42.16 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 46.34, up from 40.47. 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

“By year-end 2021, AMC will take Bitcoin, Ethereum, Litecoin and Bitcoin Cash for online payments.” 

CEO Adam Aron of AMC Entertainment Holdings is the largest movie exhibition company in the U.S., Europe, and the world.

What they said yesterday


Forward thinking…

Saylor, in it for the long haul…

Crypto AM: Editor’s pick

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

Gibraltar to host first international post pandemic crypto event

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

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 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

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:

Part one…

Part two…

Cautionary Notes

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