Bitcoin closes in on $60,000 as US is poised for watershed ETF announcement
Bitcoin threw a fleeting wick above $60,000 in the early hours as news emerged that the Securities and Exchange Commission – the US’s financial lawmaker – was ready to give the thumbs up to the first Bitcoin futures exchange-traded fund.
The rumour saw the price of Bitcoin shift dramatically from $57,000 to bounce off the underside of $60k. It’s currently undulating along the $59,000 mark as it waits patiently for confirmation of the ETF.
Analysts would be remiss not to direct their eyes to the prospect of a new all-time for Bitcoin, should the markets react enthusiastically to what would be viewed as serious mainstream acceptance of cryptocurrency.
Watch this space!
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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 $2,442,580,467,028.
What Bitcoin did yesterday
We closed yesterday, October 14 2021, at a price of $57,321.53, down from $57,401.10 the day before. The daily high yesterday was $58,478.74 and the daily low was $56,957.08.
This time last year, the price of Bitcoin closed the day at $11,495.35. In 2019, it closed at $8,205.37.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.124 trillion. To put it into context, the market cap of gold is $11.386 trillion and Facebook is $926.27 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $39,714,720,047, down from $42,829,266,730 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 57.55%.
Fear and Greed Index
Market sentiment today is 71, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.51, up from 45.30 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 71.83, up from 69.54 yesterday. 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 don’t think crypto is a fad. I don’t think it’s going to go away.”
James P Gorman, CEO of Morgan Stanley
What they said yesterday
Any guesses for 14 October 2022?
Can you say that again, but louder?
The future is now…
Crypto AM: Editor’s picks
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Former Chancellor Philip Hammond joins crypto start-up Copper
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Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
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Crypto AM: Spotlight
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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
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Crypto AM: Events
Cautionary Notes