The price of Bitcoin is down around two per cent since yesterday morning, although it continues to hold above $61k.
The big news yesterday was the US Federal Reserve’s announcement that it plans to taper off the unprecedented $120-billion-a-month in bond purchases currently being made as part of its monetary stimulus plan, known as quantitative easing (QE).
Commentators argue that QE has boosted supposedly ‘riskier’ financial assets, such as cryptocurrencies.
Bitcoin’s price fell by about five per cent during the announcement, though an almost immediate recovery has led analysts to suggest that the move was already priced in.
Elsewhere, Ethereum is also down roughly two per cent after hitting fresh all-time highs yesterday.
The big gainers over the past 24 hours are Solana, which is up two per cent, and Avalanche (AVAX), which is up nine per cent. Both are up around 20 per cent over the past seven days. Although it has dropped slightly this morning, the total value of all cryptocurrencies combined is now larger than the top dozen largest banks in the world.
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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 $2,732,700,518,046, down from $2,739,462,541,555 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 3 2021, at a price of $62,970.05, down from $63,226.40 the day before. The daily high yesterday was $63,516.94 and the daily low was $61,184.24.
This time last year, the price of Bitcoin closed the day at $14,133.71. In 2019, it closed at $9,412.61.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.178 trillion. To put it into context, the market cap of gold is $11.262 trillion and Meta (Facebook) is $922.48 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $35,280,203,795 yesterday, down from $36,556,277,711 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 39.63%.
Fear and Greed Index
Market sentiment today is 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.15. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.27. 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 best developers in the world are in the Bitcoin community.”
Kevin O’Leary, Canadian businessman, author, politician, and television personality
What they said yesterday
For your perusal…
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Matt Damon becomes latest celebrity to endorse cryptocurrency
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Former Chancellor Philip Hammond joins crypto start-up Copper
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
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Part two of two – April 2021
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