Bitcoin recovers some losses, but markets still look sluggish
After a laboured start to the week, Bitcoin has recovered some losses from Monday. It’s currently up three per cent on this time yesterday, changing hands for around $48,500. Can it build on this momentum?
The US Federal Reserve is expected to announce today whether it will raise interest rates amid soaring inflation. The stock market also performed poorly yesterday ahead of the Fed’s upcoming decision, with large tech stocks in particular dropping lower. The Dow was down 0.30 per cent, the S&P 500 fell 0.74 per cent, and the Nasdaq lost 1.14 per cent.
The rest of the cryptocurrency market has also recovered somewhat. Ethereum has grown by about two per cent in the last day and is priced at just below $3,900.
Other major cryptocurrencies are also up this morning, with Solana, Cardano and XRP having grown in value over the last 24 hours. Dogecoin is the big winner this morning though. Elon Musk yesterday announced that Tesla will soon start accepting payments in dogecoin, albeit only for merchandise and not for cars, with the memecoin’s price having since bounced another 15 per cent this morning.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,202,375,554,062, up from $2,120,280,356,158 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 14 2021, at a price of $46,612.63, down from $46,737.48 the day before. The daily high yesterday was $48,431.40 and the daily low was $46,424.50.
This time last year, the price of Bitcoin closed the day at $19,417.08. In 2019, it closed at $7,152.30.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $913.44 billion. To put it into context, the market cap of gold is $11.226 trillion and Tesla is $962.59 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31,276,955,656, down from $33,177,347,876 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 60.7%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.72. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.35. 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
“Before you ‘get’ Bitcoin, you have to first see the problem with fiat money. It takes a certain level of open mindedness to see it. But once you do, there’s no going back.”
Gwyneth Paltrow, Actress and CEO
What they said yesterday
When life gives you lemons…
Saddle up and ride the bull…
The gift that keeps on giving…
Crypto AM: Editor’s picks
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
Crypto AM: Features
Crypto AM: Spotlighthttps://www.cityam.com/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founders Series https://www.cityam.com/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry Voices https://www.cityam.com/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowaterhttps://www.cityam.com/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://www.cityam.com/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://www.cityam.com/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://www.cityam.com/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://www.cityam.com/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021https://www.cityam.com/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://www.cityam.com/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Crypto AM: Events
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