Bitcoin recovers to break $42k after positive US news
Apple co-founder Steve Wozniak said earlier this week that “Bitcoin is the only ‘pure-gold’ cryptocurrency”. But, as the geopolitical uncertainty created by Russia’s invasion of Ukraine continues, is he being proved right?
The crypto markets are certainly looking stronger this morning, with the Bitcoin price recovering to just above $42k at time of writing. The Ethereum price is also up around eight per cent in the last 24 hours, currently changing hands for around $2,700.
The swift turnaround follows statements by US Treasury Secretary Janet Yellen that President Joe Biden’s impending crypto order would take a constructive approach to regulating the digital asset industry.
In a statement released yesterday, Yellen said that “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems.
Analysts say it appears Yellen has dampened concerns among investors that the Biden administration would take a hard stance on the evolving crypto sector.
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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 $1.827 trillion, up from $1.718 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 8 2022, at a price of $38,737.27, up from $38,062.04 the day before. The daily high yesterday was $39,304.44 and the daily low was $37,957.39.
This time last year, the price of Bitcoin closed the day at $52,246.52. In 2020, it closed at $8,108.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $789.28 billion yesterday. To put it into context, the market cap of gold is $13.096 trillion and Tesla is $852.02 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,293 billion, up from $29.094 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 60.67%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.04. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.08. 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
“Regulators should be careful not to clamp down hard on #Bitcoin and crypto.”
US senator Ron Wyden
What they said yesterday
What could she mean?
Speaks for itself…
Days since last outage: 3,285…
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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