Thursday 1 April 2021 10:25 am

Satoshi Nakamoto is secretly funding Elon Musk by yield farming using Aave

Crypto at a glance

….April Fools! And, apparently, Tinky Winky is Satoshi.

It’s a new month, but there’s no sign of let up in Bitcoin’s ongoing hunt for new all-time highs. The leading cryptocurrency yesterday celebrated its sixth consecutive green monthly candle, gaining more than 20% in March. Will April make it seven?

The signs are certainly positive, with yesterday seeing an onslaught of predictable and surreal adoption news.

Goldman Sachs announced the creation of a new Digital Assets Group within its private wealth management division. The group will help wealthy clients invest in digital assets. The move is quite the reversal for the investment giant, having less than a year ago denied that Bitcoin is even an asset class.

And they weren’t alone. It was also revealed in new SEC filings yesterday that the BlackRock Global Allocation Fund had held 37 futures contracts from the Chicago Mercantile Exchange worth nearly $360,458 – 0.0014% of the fund’s total assets.

In 2018, CEO Larry Fink claimed that the firm’s clients weren’t interested in crypto exposure. Guess they came around to the idea.

It’s pretty remarkable that the Teletubbies announced their love for Bitcoin yesterday and didn’t look the silliest while they were doing it.

Teletubbies get Bitcoin

It’s good news everywhere in the crypto markets today. The total market cap came within an ant’s breath of $2 trillion overnight, driven by massive gains for Ethereum and others.

Ethereum (ETH) shot up almost 5% to more than $1,900. The cryptocurrency was up 30% in March, versus a 25% gain in BTC. It rose 20% over the past week alone. If it can continue on this path, can it break $2,000 more definitively this time?

Another big gainer was Polkadot, which has come storming back into the race for third in the battle of the market caps, with a gain of more than 12% over the past 24 hours. The standout performer, though, continues to be Filecoin, which was up almost 40% to a new all-time high of more than $200.

It’s now in the top 10 coins by market capitalisation, while Theta goes the other way, dropping 10% after its recent meteoric rise. There have been a number of huge gainers already in 2021, with Bitcoin’s market dominance currently below 60% – a level that’s not been seen for a while. Could April see the real beginning of alt season?

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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 $1,858,467,027,970, down from $1,878,404,221,948 yesterday.

What Bitcoin did yesterday

We closed yesterday, March 31 2021, at a price of $58,918.83 – up from $58,917.69the day before. It’s now 25 days in a row that the price has closed above $50,000.

The daily high yesterday was $59,930.03 and the daily low was $57,726.42.

This time last year, the price of Bitcoin closed the day at $6,438.64. In 2019, it closed at $4,105.40.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is $1.1099 trillion at time of writing, up from $1.109 trillion yesterday. To put that into context, the market cap of gold is $10.901 trillion and silver is $1.331 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $68,524,377,931 according to CoinMarketCap, up from $54,806,573,428 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 54.93%.

Fear and Greed Index

Market sentiment is back down in Greed again at 74.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 59.94. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 60.67. 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 think the whole infrastructure around crypto is really interesting, and we’ve been making some investments into that infrastructure—and we think that is at an inflection point […] When it comes to crypto generally, I think we’re at a really important moment in time. Something like bitcoin might have stayed a fringe asset but for the fact that we’ve increased money supply in the U.S. by 25%. There’s a real fear of basing of fiat currencies.”

Dawn Fitzpatrick, Chief Investment Officer of Soros Fund Management

What they said yesterday

Answers on a postcard…

April is really setting up to be a weird month…

Nice summary of another big month…

Always important to really zoom out though…

Crypto AM Editor’s picks

‘One Bitcoin per Lambo, then one Bitcoin per Bugatti’, says Kraken boss as he tips Polkadot to be next Ethereum

General Motors could be the next big car manufacturer to accept Bitcoin

Binance announces two more major appointments

Elon Musk: you can now buy a Tesla with Bitcoin

Sophia the robot to become next NFT sensation

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 Zumo

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special Five Part Series

March 2021

Day Five

Day Four

Day Three

Day Two

Day One

Crypto AM: Recommended Events

CC Forum

Global Investment in Sustainable Development

March 31 to April 1 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6 to 7 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.

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