Cryptocurrency slump tempered by trend of ‘buy the dip!’
Bitcoin continues to hover around the $60k mark, down two per cent over the past 24 hours at time of writing and 10 per cent over the past seven days.
The fall comes less than a week after the largest cryptocurrency hit a new all-time high of just above $69,000.
There have been a number of reasons posited for the price slide. Investors taking profits after last week’s new record high and recent comments by Twitter’s CFO that the company is to continue not holding Bitcoin in its books have both been cited as potential reasons.
There was also another crackdown on cryptocurrency mining by Chinese authorities on Tuesday, although the ban earlier in the year already effectively eradicated Bitcoin production in the country. Another possible reason could be President Joe Biden’s infrastructure bill, which includes provisions for future regulation and taxation of cryptocurrency.
Not all is lost, though. “Buy the dip” – crypto slang that suggests hopes of a quick recovery and a continued bull run – was trending on Twitter yesterday.
Blockchain analytics platform Santiment found that “buy the dip” mentions on social media rose to 952 on Tuesday, hitting the highest levels since September 7.
There are just a couple of green sprigs today, with Avalanche (AVAX) and Crypto.com coin (CRO) the only green splashes in a sea of red. AVAX is up 13 per cent over the past 24 hours, within touching distance of $100. It’s currently up five per cent over the past seven days, bucking the general negative trend.
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 $2,457,072,592,351, down from $2,662,433,426,057 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 16 2021, at a price of $60,161.25, down from $63,557.87 the day before. The daily high yesterday was $63,721.20 and the daily low was $59,016.34.
This time last year, the price of Bitcoin closed the day at $17,645.41. In 2019, it closed at $8,577.98.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.126 trillion. To put it into context, the market cap of gold is $11.8 trillion and Tesla is $1.059 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $42,136,691,746, up from $38,418,721,621 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 44.78%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.90. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.77. 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
“I’ve been in this industry for 8 years and It still feels like we’re maybe starting the second inning of digital currencies,”
Michael Sonnenshein, Grayscale CEO
What they said yesterday
Not financial advice…
Hmmmm, what could that mean?
Could Satoshi win a Nobel Prize of sorts?
Making a splash of it…
Crypto AM: Editor’s picks
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
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
Cautionary Notes