Bitcoin on road to recovery, but options expiry on Friday looms large
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Crypto at a glance
The cryptocurrency market continues to recover this morning, with Bitcoin (BTC) rising around four per cent in price over the last 24 hours to just below the $44k mark.
The largest cryptocurrency’s recovery is echoed in the alt markets, with Ethereum (ETH) rising seven per cent to more than $3,100. Solana (SOL) and Polkadot (DOT) are the big gainers, both up around 14 per cent over the last 24 hours, although they are also recovering from heavier losses. Will the recovery continue as we head into the weekend?
The rebound comes as fears subside around the collapse of Chinese property developer Evergrande. The Shenzhen-based company, which many feared had unpayable debts of in excess of $300 billion, has now struck a deal over another debt to settle interest payments on a domestic bond.
The news appears to have settled the markets somewhat, with stock markets also opening up this morning. They certainly don’t seem to be out of the woods yet though Could the crisis be a persistent influence on the crypto markets during the coming weeks?
There are other potential explanations for the recovery. The US Federal Reserve’s announcement on Wednesday that it would maintain benchmark interest rates at near zero has been cited as one cause, with investors looking to Bitcoin as an alternative to interest-bearing investments, such as bonds.
Another explanation is traders eying Bitcoin’s September options expiry on Friday, with a total of 73,700 options contracts worth $3.14 billion due to expire. An options contract gives the buyer the opportunity to buy or sell an underlying asset, depending on the type of contract they hold. The expiry will see many take new positions. Which way they go could prove telling about the market’s direction over the coming months.
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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 $1,144,865,389,484.
What Bitcoin did yesterday
We closed yesterday, 22 September 2021, at a price of $43,574.51, up from $40,693.68 the day before. The daily high yesterday was $43,978.62 and the daily low was $40,625.63.
This time last year, the price of Bitcoin closed the day at $10,246.19. In 2019, it closed at $9,729.32.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $829.95 billion. To put it into context, the market cap of gold is $11.202 trillion and Facebook is $967.66 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $37,199,291,459, down from $45,949,664,555 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 52.42%.
Fear and Greed Index
Market sentiment today is 27.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.43, down from 42.16 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.34, up from 40.47. 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
“By year-end 2021, AMC will take Bitcoin, Ethereum, Litecoin and Bitcoin Cash for online payments.”
CEO Adam Aron of AMC Entertainment Holdings is the largest movie exhibition company in the U.S., Europe, and the world.
What they said yesterday
McBitcoin…
Forward thinking…
Saylor, in it for the long haul…
Crypto AM: Editor’s pick
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Binance probed over suspected insider trading
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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