Bitcoin holding steady in the face of Putin’s escalating threats
The crypto markets are holding up reasonably well this morning, despite a weekend of escalating threats from Russian President Vladimir Putin.
The price of Bitcoin, the largest cryptocurrency by market cap, climbed past $39k yesterday and even looked set to surpass $40k, before dropping back to $38,500 last night.
It’s currently holding at around this level, down two per cent over the past 24 hours. If we don’t manage to stay above that number today, it means the first time we’ve seen four straight monthly red candles since the 2018 bear market.
The obvious (and likely unavoidable) thing to keep an eye on this week is Russia’s invasion of Ukraine, which is likely to be the main driver of market performance this week. The situation is fast-moving and economic sanctions are escalating, which means events and their impact on the markets will likely remain unpredictable. It’s worth noting that Bitcoin is still clearly correlating to traditional stock markets, with the European markets also opening with declines of between one per cent and two per cent. Can it break free and carve its own path amid the crisis?
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Friday’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 $1.711 trillion.
What Bitcoin did yesterday
We closed yesterday, February 27 2022, at a price of $37,709.78, down from $39,105.15 the day before. The daily high yesterday was $39,778.94 and the daily low was $37,268.98.
This time last year, the price of Bitcoin closed the day at $45,137.77. In 2020, it closed at $8,672.46.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $718.48 billion. To put it into context, the market cap of gold is $12.134 trillion and Tesla is $837 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.972 billion. 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 56.23%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.78. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.91. 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’m still amazed that there hasn’t been an approval of a spot Bitcoin ETF yet.
SEC Commissioner, Hester Peirce
What they said yesterday
Bitcoin is peaceful money…
In other words: People have faith in BTC…
Forever…
A friendly reminder…
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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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