Joe Biden’s crypto executive order landed yesterday, though anyone looking for a subsequent price surge will have been sorely disappointed.
Yesterday’s outbreak saw the Bitcoin price leap almost 10 per cent to more than $42k – nearly approaching last week’s highs. However, any gains made seem to have been mostly wiped out overnight, with the leading cryptocurrency back at around $39k this morning – down roughly six per cent over the past 24 hours.
Other major cryptocurrencies including Ethereum are also down around five per cent since this time yesterday morning.
The retrace is despite Biden’s order being broadly positive, stating: “We must support technological advances that promote responsible development and use of digital assets.”
Analysts are instead pointing to investors’ concerns about the potential impact of the European Central Bank’s (ECB) announcement today around interest rates, which could go up amid increasingly high inflation and low growth.
The Fed’s announcements on interest rates have been a major factor in price movements in recent months, but observers are speculating that these are already priced in and the ECB announcement could be a bigger factor in driving down demand for assets considered more risky.
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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 $1.744 trillion, down from $1.827 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 9 2022, at a price of $41,982.93, up from $38,737.27 the day before. The daily high yesterday was $54,824.12 and the daily low was $38,706.09.
This time last year, the price of Bitcoin closed the day at $52,246.52. In 2020, it closed at $9,593.90.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $746.21 billion yesterday. To put it into context, the market cap of gold is $12.642 trillion and Tesla is $887.75 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $33,092 billion, down from $33,293 billion 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 64.15%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.49. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.89. 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
“Bitcoin is a cultural phenomenon. A unifying force, transcending borders, race, gender, religion, politics, and war. In a world of confusion, division, and evil acts with malicious intent, Bitcoin is proving to be a gravitational force uniting our species.
“Bitcoin is hope.”
Strike founder and CEO Jack Mallers
What they said yesterday
But the last will be mined in 2140…
Adoption far and wide…
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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
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