Bitcoin pushes past $24k as US financial system continues to navigate banking woes
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Bitcoin (+9%) posted a three-week high of $24,550 yesterday and is trading at $24,321 this morning, up more than 8% over seven days.
Ethereum (+4.8%) has reclaimed $1,600, currently trading for $1,671. Most other cryptocurrencies have come along for the show and are also well in the green this morning. Analysts say the unexpected crypto rally surprised investors in short positions – those betting against the price of Bitcoin going up – leading to short liquidations of more than $100 million.
In traditional finance, the banking sector continues to feel the pressure resulting from the recent closures of Silicon Valley Bank and Signature Bank in the US. Investors are betting that the Federal Reserve will have to ease rate hikes for now, at least until a semblance of stability has returned to the US financial system.
“I think people are linking Silicon Valley Bank’s problems with the rate hikes we’ve already had,” ING economist Rob Carnell commented to Reuters. “If rates going up caused this, the Fed is going to be mindful of that in future,” he said.
Crypto trading firm Cumberland noted that the instability in the banking sector may have played a role in the rally over the weekend.
“When traders are unsure about crypto prices, they flee to stablecoins and bank deposits. When they are unsure about stables and bank deposits? It’s crypto’s time to shine, and BTC and ETH rallied 14 and 15%, respectively, over the weekend amidst uncertainty in the banking sector,” the firm tweeted.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.078 billion.
What Bitcoin did yesterday
We closed yesterday, March 13, at a price of $24,197. The daily high yesterday was $24,550, and the daily low was $21,918.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $470,227 billion. To put it into context, the market cap of gold is $12.591 trillion and Tesla is $552.07 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $48.077 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 57.81%.
Fear and Greed Index
Market sentiment today is 56, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.75. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.18. 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 fam: Soundbite of the day
Along with technology stocks, Wood said she expects the price of Bitcoin will keep rising as more U.S. companies diversify cash holdings and add the cryptocurrency to their balance sheets.
Cathie Wood, Founder of ARK, talking to Reuters
What they said yesterday
Same same…
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Greener grass…
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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.