Bitcoin nudges $30,000 as SEC’s Ripple climbdown lifts crypto markets
It’s a busy day in crypto. Bitcoin is up more than 5% over 24 hours and snagged the key level of $29,000 in the process. The market leader is trading for $29,788 this morning, and has gained 9% over seven days.
Ethereum (Ether) and other cryptocurrencies are tagging along. The original smart contracts crypto is up 1.9% over 24 hours.
The driving narrative is, undoubtedly, the late news last night that the SEC had dropped its case against Ripple executives Brad Garlinghouse and Chris Larsen.
It’s similarly green across the board today. Solana (SOL) is up by more than 10%, while Cardano (ADA), XRP, Polygon (MATIC) and Avalanche (AVAX) are all up on the day, some more than others. XRP is in the green by more than 6%.
The push across the markets reflects in the 2.8% gains in the crypto market cap of the entire industry.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.11 trillion
🔺 2.80%
What Bitcoin did yesterday
🔺 Daily high $28,883
🔻 Daily low $28,170
Bitcoin market capitalisation
🟠 BTC $571.688 billion
🟡 Gold $12.949 trillion
💳 Visa $493.89 billion
Bitcoin volume
🪣 Total spot trading volume $18.204 billion
🔺 43.9%
Ethereum staking entry queue
💎0 minutes
SP500
🔻 0.85%
FTSE/JSE Top 40
🔻 1.05%
Fear and Greed Index
Bitcoin’s market dominance
📊 52.63
Relative Strength Index (RSI)
💪 74.95
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, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
“It also showed that market participants and traders have their finger on the trading button and that there is a pent-up demand for good news on the crypto front.”
Jeff Embry, managing partner at crypto hedge fund Globe 3 Capital
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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.