Has the falling price of Bitcoin turned a corner?
The price of Bitcoin has been steady again over the past 24 hours. The Bitcoin price is up nearly three per cent this morning at just above $38k, having yesterday climbed above $38,500 for the first time in more than a week.
It’s been a bad month for Bitcoin, but we’ve ended on something of a high. Can we build on it from here in February?
The big news this morning is India’s cryptocurrency bill, which was expected today but does not appear to be in the 15 bills the government body is due to released by Parliament. Indian Finance Minister Nirmala Sitharaman did, however, announce a 30 per cent tax on any income from the transfer of virtual digital assets.
There’s been a price jump across the board, with Ethereum (ETH) up almost eight per cent to more than $2,700. Solana (SOL) and Terra (LUNA) have both seen price gains in double figures this morning.
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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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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 $1,764,520,795,045, up from $1,671,126,847,052 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 31 2022, at a price of $38,647.26. The daily high yesterday was $33,537.18 and the daily low was $36,733.57.
This time last year, the price of Bitcoin closed the day at $33,537.18. In 2020, it closed at $9,392.88.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $726.1 billion. To put it into context, the market cap of gold is $11.458 trillion and Tesla is $940.71 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $20,308,471,420, up from $16,168,432,176 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 55.4%.
Fear and Greed Index
Market sentiment today is 26, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.94. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.91. 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
“The United States needs to recognize that much like the internet, you need to get out of the way.”
US Congressman, Tom Emmer, on Bitcoin
What they said yesterday
She ain’t playin’…
Just a friendly reminder…
👀
Bitcoin is borderless…
Crypto AM: Editor’s picks
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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
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
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