Crypto markets unmoved despite EU news and Musk’s best efforts on Twitter
There was good news yesterday, as fears that the EU would push through a ban on proof-of-work cryptocurrencies like Bitcoin and Ethereum proved unfounded after the European Parliament voted against a draft proposal.
Elon Musk was also back offering crypto investment advice: keep hold of your Bitcoin, ETH and Dogecoin. Wise words, but even Musk doesn’t seem able to move the crypto markets at the moment, with major cryptocurrencies stubbornly flat again over the past 24 hours. What will drive an outbreak?
The Bitcoin price is down just one per cent since yesterday morning, currently trading at just above the $38k mark. This price point has now seen more buying action than any other in Bitcoin’s history, with a record 775k BTC changed hands at around $38.7k. Ethereum is a little worse off, down two per cent, while it’s a similar story elsewhere in the alt markets. Both Bitcoin and Ethereum are almost entirely unmoved since this time last week – down just 0.24 per cent.
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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 $1.724 trillion, up from $1.722 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 14 2022, at a price of $39,666.76, up from $37,849.66 the day before. The daily high yesterday was $39,742.50 and the daily low was $37,680.73.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $736.63 billion yesterday. To put it into context, the market cap of gold is $12.281 trillion and Tesla is $792.05 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $23.874, billion, up from $20.927 billion the day before. 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 63.24%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.56. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.77. 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
“Bitcoin and crypto will redefine the financial world.”
PayPal CEO Dan Shulman
What they said yesterday
He knows…
Smart…
The more you know…
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Crypto AM: Contributors
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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