It seems that a rising correlation between Bitcoin and traditional markets in recent weeks was a temporary blip, with Wall Street falling just as Bitcoin again surges above $50k.
The leading cryptocurrency is currently trading at around $50,200, up almost six per cent over the past 24 hours. The Dow Jones industrial average, meanwhile, was down almost one per cent, and the technology-focused Nasdaq Composite down 2.1 per cent amid fears that rising inflation will lead to higher interest rates.
A key driver behind the rally, according to analysts, is a growing expectation that the US Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded product (ETF). Last Wednesday, SEC Chairman Gary Gensler reiterated his support for a narrow class of Bitcoin ETFs that would invest in futures contracts instead of the cryptocurrency itself.
The move would allow retail investors to include the asset easily in their brokerage accounts, which could spark a fresh rally for institutional adoption.
It’s a similar story across the cryptocurrency markets today, with the likes of Ethereum and XRP all rising around two percent since yesterday morning. Dogecoin is out in front, up 11 per cent, but for the first time in a while, Bitcoin is surging ahead of the pack. The leading cryptocurrency is still struggling for market dominance though, continuing to hover at around 42 per cent, which is way below highs of 70 per cent at the turn of the year. Can it re-establish its authority?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
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.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
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 🙏🏻
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 $2,117,270,719,258.§
What Bitcoin did yesterday
We closed yesterday, October 4 2021, at a price of $49,112.90, up from $48,199.95 the day before. The daily high yesterday was $49,456.78 and the daily low was $47,045.00.
This time last year, the price of Bitcoin closed the day at $10,793.34. In 2019, it closed at $8,151.50.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $930.06 billion. To put it into context, the market cap of gold is $11.156 trillion and Facebook is $919.78 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $33,219,748,521, up from $25,876,688,380 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 62.53%.
Fear and Greed Index
Market sentiment today is 59, back in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.75, up from 42.37 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.52, up from 57.95 yesterday. 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
“The most difficult aspect of Bitcoin to grasp is that it’s completely unique — nothing like it has ever existed. There’s nothing for the media to compare it to, and they’re unable to fully understand the magnitude of the coming paradigm shift that Bitcoin will bring.”
Samson Mow, chief strategy officer of Blockstream
What they said yesterday
Bitcoin was last down 3,130 days ago…
Crypto AM: Editor’s picks
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
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
Crypto AM: Events