Bitcoin briefly dips below $40k, but could positive Evergrande news spark recovery?
ONE WEEK TO GO…
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Crypto at a glance
Bitcoin fell below $40,000 in the early hours of this morning for the first time in six weeks.
It has since recovered and stabilised around $42,000 as the wider markets also bounce back on news that failing China property giant Evergrande has struck a debt deal with onshore bondholders ahead of interest payments due later this week.
The FTSE 100 index is up a little more than one per cent on the news – its highest level this week. There is, however, a way to go before we can call it a recovery – in any of the markets.
It seems a particularly long road back to $47,000 for Bitcoin, despite only seeing that level just prior to the flash crash on Monday. There is strong resistance to be found around $45k and the largest cryptocurrency has now not touched the $50k mark since September 7, despite El Salvador, a nation with a population of more than six million people, making it legal tender in that time.
Although it is still outperforming the S&P 500, Gold, and other indexes, Bitcoin has suffered more from recent economic uncertainty. Its percentage decline from its peak of about $63,000 in April, is around 32%. This is significantly higher than three per cent in the S&P 500. Clearly, Bitcoin is more volatile than traditional assets, although its drawdowns tend to occur simultaneously with the S&P 500′s.
The wider cryptocurrency market generally continues to struggle, with Ethereum also dipping below its own milestone figure, trading at just under $3k for the first time in a month. Most cryptocurrencies are in the red this morning, though largely with 24 hour declines of less than five per cent, which is an improvement on recent performance.
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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 $1,847,701,214,303.
What Bitcoin did yesterday
We closed yesterday, 21 September 2021, at a price of $40,693.68, down from $42,843.80 the day before. The daily high yesterday was $43,607.61 and the daily low was $39,787.61.
This time last year, the price of Bitcoin closed the day at $10,538.46. In 2019, it closed at $10,070.39.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $795.61 billion. To put it into context, the market cap of gold is $11.304 trillion and Facebook is $1.002 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $45,949,664,555, down from $46,982,093,703 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 50.97%.
Fear and Greed Index
Market sentiment today is 21, back in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.16, up from 41.86 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.47, down from 39.25. 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 can change the world. Access to this technology can change people’s lives — especially in places where there is very little access to financial services, to fair and open systems, or the ability to record the truth.”
Andreas M Antonopolous, Bitcoin advocate, tech entrepreneur, and author.
What they said yesterday
Mainstream…
How times have changed…
South American adoption continues…
Progress…
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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 PM, 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