Tuesday 16 February 2021 10:31 am

JP Morgan hints it could join party as Bitcoin continues to flirt with $50k

Crypto at a Glance 

Did Bitcoin hit $50k overnight? Sadly, it seems that such talk is premature and limited to just one or two exchanges. Although a few sources called it, they were very much in the minority and it looks like the wait continues. Will it happen this week? 

If the good news continues to pour in, it’s unlikely that it will be too long. Yesterday, Daniel Pinto, co-president of JPMorgan Chase & Co, appeared to acknowledge that it was just a matter of time before the banking giant boarded the bitcoin bus. He told CNBC: “If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point.” The move marks a huge reversal on their previous skepticism, which saw its CEO Jamie Dimon threaten to fire anyone caught trading the asset. It would be a hugely symbolic move if they were to enter the space. With Morgan Stanley, Deutsche Bank and others entering the space, can Morgan Stanley afford to fall behind?

It certainly seems like yesterday morning’s dip was little more than a blip on the bullish landscape, with investors rushing in to buy at ‘discount’ prices. It was a particularly good day for Polkadot, which zoomed right back up to the $30 mark. Cardano, meanwhile, recovered its losses and continues to look good for hitting a dollar. It’s a tight competition between ADA, DOT and XRP in that battle for fourth-largest cryptocurrency by market cap – who will prevail?

Start your investment journey into crypto with Luno with £10 on us!

If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.

In the Markets

The Bitcoin Economy

*Definitions and insights can be found at https://bytetree.com/insights/

What bitcoin did yesterday

We closed yesterday, 15 February, 2021, at a price of $47,945.06 – down from $48,717.29 the day before.

The daily high yesterday was $48,875.57 and the daily low was $46,347.48. 

This time last year, the price of bitcoin closed the day at $9,889.42. In 2019, it was $3,620.81. 

As of today, buying bitcoin has been profitable for… 

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is currently $913,878,522,299, up from $884,696,479,523 yesterday. It’s now $20 billion behind Chinese tech giant, Tencent – although half a trillion dollars behind Alphabet, so it could be a while before we see Bitcoin break the top 7.

Bitcoin volume

The volume traded over the last 24 hours was $72,819,434,394, down from $79,886,781,936. 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 85.23%.

Fear and Greed Index

Market sentiment remains high, in Extreme Greed at 95

Bitcoin’s market dominance

Bitcoin’s market dominance is currently 61.75. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 72.13. 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

“We are potentially at the birth of a new asset class. Bitcoin is emerging from the shadows, being co-opted by establishment institutions and becoming a legitimate alternative asset for investment portfolios.”

  • Duncan MacInnes, a fund manager at Ruffer, a traditional, conservative UK investment group that placed a $600m bet on bitcoin last year

What they said yesterday…

Let’s see central banks do better

It hadn’t

Good interview

Sad but true

Crypto AM Editor Writes

JPMorgan chief says “we will have to be involved” with Bitcoin

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater 

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with with Zumo

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Deeper Dives

Crypto AM: A Trader’s View with TMG

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Definitively DeFi

Crypto AM: Recommended Events

CC Forum

Global Investment in Sustainable Development 

31 March – 1 April 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

6 – 7 April 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

Cautionary Notes

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 08:30am GMT.

Crypto AM Daily in association with Luno

Share: