Monday 4 October 2021 11:34 am

Powell comments spark Bitcoin resurgence back towards $50k

Crypto at a glance

A strong weekend in the cryptocurrency markets saw Bitcoin rise in price by almost 10 per cent. The leading cryptocurrency is currently trading at just below $48,000, up from $43,500 on Friday morning.

It briefly touched $49,000 again on Sunday, though a swift rejection means it might be a longer road back over the psychologically-important $50,000 level for bulls than they hope.

The Etherum (ETH) price is also up, with the second-largest cryptocurrency changing hands this morning for around $3,350. Solana is also back above $166, making it the sixth-largest cryptocurrency by market cap. The total value of the crypto market returned above the $2 trillion mark on Friday and has stayed there ever since. Will it hold it there for the entire week?

The recovery to levels last seen two weeks ago seem to have been sparked by statements from Federal Reserve Chairman Jerome Powell to Congress that the central bank has “no intention” of following China’s lead and banning cryptocurrencies, including stablecoins.  

October is also typically a seasonally bullish period. The crypto market’s strength and the Fear and Greed Index are showing increasingly positive consumer sentiment in the face of negative headlines from China and Wall Street looking a little wobbly. Will Q4 see a continuation of the bull run as many predict, or could it be a bumpy ride?

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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.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Friday’s Crypto AM Daily in association with Luno

price of Bitcoin

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 3 2021, at a price of $48,199.95, up from $47,711.49 the day before. The daily high yesterday was $49,130.69 and the daily low was $47,157.29. 

This time last year, the price of Bitcoin closed the day at $10,669.58. In 2019, it closed at $8,205.94. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $899.39 billion. To put it into context, the market cap of gold is $11.175 trillion and Facebook is $967.09 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $25,876,688,380. 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 62.21%.

Fear and Greed Index

Market sentiment today is 54, back in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.37. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 57.95. 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

“It’s very hard for me sitting here to give you a price prediction, but I can pretty confidently say that bitcoin, I think, has effectively replaced gold. And it will continue to do so. And so that market cap is just going to grow.” 

Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya.

What they said yesterday

Greta would be so proud…

Workaholic…

Think about it…

Crypto AM: Editor’s picks

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

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

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

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 08:00 BST

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