Bitcoin picks up, but volumes remain low
It was a better day in the crypto markets yesterday, with prices largely increasing across the board. The price of Bitcoin, the leading cryptocurrency by market cap, is up three per cent over the past 24 hours to around $41,100. The Ethereum price is also up almost two per cent, currently changing hands for around $3,100.
The upturn in fortunes again corresponds with traditional markets, with the tech-heavy Nasdaq climbing more than two per cent. The crypto markets and stocks seemed to decouple in March, but it seems this narrative is now back with more vengeance than ever as the Fed looks to raise interest rates in the face of soaring inflation.
Despite yesterday’s positive price movement, demand remains low. The seven-day average real Bitcoin trading volume currently sits at $2.8 billion, the lowest level since December 2020. Spot volumes have been trending down generally for the last few months, but there’s been a particularly sharp decline over the past seven days – especially the last weekend, with just $1 billion worth of Bitcoin changing hands last Saturday. What will spark a return of the excitement we saw last year?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.916 trillion, up from $1.876 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 13 2022, at a price of $41,166.73, up from $40,127.18 the day before. The daily high yesterday was $41,430.05 and the daily low was $39,712.75. This time last year, the price of Bitcoin closed at $63,109.70. In 2020 it closed at $6,842.43.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $783.55 billion. To put it into context, the market cap of gold is $12.542 trillion and Tesla is $1.056 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27,618 billion down from $29.280 billion 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 39.54%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.66. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.51. 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’d be fine with making Bitcoin legal tender. This is an incredibly blossoming industry.”
US senator Ted Cruz
What they said yesterday
Watch this space 👀
And the list is growing…
A brief history of Bitcoin 😂
Smart…
Crypto AM: Editor’s picks
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
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 on the catwalk
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