Crypto markets bounce back as Elon Musk buys Twitter
After a weekend on the ropes, it’s been a buoyant start to the week in the crypto markets. The price of Bitcoin has clambered its way back past the $40k mark, up around five per cent over the past 24 hours to around $40,500.
The clanking of gears grinding into action can also be heard for other major cryptocurrencies, most of which have also seen price gains of five per cent or more. Ethereum is currently changing hands for just above $3k, an increase of seven per cent since this time yesterday morning.
There are a number of explanations behind the relatively-rapid rebound, with many analysts pointing to the ongoing correlation with traditional stocks. Global financial markets have slipped over the past few days, but European markets have all opened higher this morning. Tech stocks have looked particularly peppy, driven by Tesla CEO Elon Musk’s deal to buy Twitter. The tech-focused Nasdaq Composite rose 1.3 per cent yesterday.
Musk’s takeover of Twitter could also be a major driver of crypto’s rebound, with the billionaire car salesman’s previous sentiments around crypto well-known at this point. The takeover, which still needs to be approved by shareholders, has driven speculation that cryptocurrency could be integrated further into the platform in some form, whether as payments or updated policies around advertising and promotion.
Twitter has long been seen as a positive force for crypto, with founder Jack Dorsey a well-known proponent of Bitcoin and the company pushing a number of crypto-friendly projects in recent years, including crypto tip jars. Could it be about to double down?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.869 trillion.
What Bitcoin did yesterday
We closed yesterday, April 25 2022, at a price of $40,458.31. The daily high yesterday was $40,491.75 and the daily low was $38,338.38.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $773.28 billion. To put it into context, the market cap of gold is $12.074 trillion and Tesla is $1.031 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33.19 billion. 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 37.19%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.00. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.19. 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
“There is no right and wrong choice of money. There are, however, consequences to choices.”
Saifedean Ammous, Author of The Bitcoin Standard
What they said yesterday
Only invest what you’re willing to HODL…
How smart are you?
Probably nothing…
Crypto AM: Editor’s picks
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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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