Crypto markets flat as MicroStrategy announces another massive Bitcoin purchase
The Bitcoin price is roughly flat over the last day, after a week of gains that took its price over the $48,000 mark for the first time this year.
The largest cryptocurrency by market capitalisation is currently holding steady at about $47,400. The second largest, Ethereum, is also treading water at about the same $3,400 mark it held this time 24 hours ago.
The flat performance is in contrast to stock markets, which traded higher yesterday after Russian and Ukrainian officials announced progress in ceasefire talks. The 90-day correlation between bitcoin and the S&P 500 is still climbing though and now sits above 0.5, suggesting that the stock market recovery has impacted the recent strength seen in crypto.
Generally speaking, good vibes seem to be holding up among both institutional and retail crypto buyers. MicroStrategy is back in business, with the computing giant and Bitcoin investor yesterday announcing another $205 million Bitcoin purchase – bringing its total holdings to more than $5 billion.
The Fear and Greed Index that measures customer sentiment is also holding steady, currently sat in Greed where it’s been for two days having yesterday touched its highest level since early November in a sign that optimism is returning to the market. However, market participants should keep in mind that every time we have shown the slightest sign of greed this spring and volumes remain stubbornly low. Will the same happen again?
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 $2.141 trillion, down from $2.152 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 29 2022, at a price of $47,465.73, up from $47,128.01 the day before. The daily high yesterday was $48,022.29 and the daily low was $47,100.44.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $900.2 billion. To put it into context, the market cap of gold is $12.215 trillion and Tesla is $1.14 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.649 billion, down from $34.156 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 50.97%.
Fear and Greed Index
Market sentiment today is 55, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.68. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.96. 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
“If you don’t see an attack on Proof-of-Work as an attack on Bitcoin, you understand neither.”
US Congressman, Warren Davidson
What they said yesterday
Bullish much?
He sees the future…
The early years…
Crypto AM: Editor’s picks
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
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
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