Surprise price surge sees Bitcoin back above $28,000 as another US bank sends up a distress flare
It’s unclear what pushed the price of Bitcoin past $28k but the late rally on Tuesday evening follows First Republic Bank reporting a loss of $100 billion in deposits during its first quarter earnings presentation on Monday.
The previous cryptocurrency price rally was preceded by the collapse of two US banks.
Analysts point out that the positive sentiment in crypto markets may also stem from investors expecting the Fed to start taking a less aggressive stance on rate hikes in the near future. Crypto being considered a riskier asset class, it generally performs well in low-rate environments.
Ethereum is also well in the green today, with the rest of crypto markets buoyed by the price rally of large-cap coins.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.182 billion.
What Bitcoin did yesterday
We closed yesterday, April 25, at a price of $28,307. The daily high yesterday was $28,371, and the daily low was $27,207.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $549.802 billion. To put it into context, the market cap of gold is $13.23 trillion and Tesla is $515.17 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.292 billion.
Fear and Greed Index
Market sentiment today is 56, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.42. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.93. 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.
Soundbite of the day
In my estimation, the reason so many young Americans are into #Bitcoin is because it is sound money. The federal govt’s blank check spending habit, coupled with the complete erosion of the gold standard and the development of the internet, led us here. Inevitable.
Cynthia Lummis, US Senator for Wyoming
What they said yesterday
For those in the back…
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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
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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.