The Ides of March are upon us with crypto suffering the first dagger – let the autopsy begin…
Crypto at a glance
A big weekend for Bitcoin has given way to a volatile Monday. The leading cryptocurrency’s awesome run last week came to a crescendo on Saturday when the price broke $60,000 for the first time, rising almost as high as $62,000 yesterday.
However, a pull back that began last night has since seen the price crash back to Friday’s low of $55,000. Volatility is to be expected in periods of price discovery, but it remains to be seen if this is part of a wider retrace or a temporary blip before another rally.
The correction comes amid a sea of mixed signals from India around its position on cryptocurrencies. A senior government official told Reuters that India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.
However, in an interview over the weekend, Minister of Finance and Corporate Affairs Nirmala Sitharaman said the government is not planning to completely ban cryptocurrency use and noted the important role it has to play in fintech innovation.
Which will it be? Given the longstanding ambiguity around the country’s relationship with crypto, what impact would a ban have on the markets anyway?
Elsewhere, there have been drops across the board, with only Algorand and VeChain showing any strength at the moment. Bitcoin’s recent pump hadn’t really trickled down to the alts as much as some would like, but it seems they’re being hit with similar corrections anyway. Binance Coin is holding steady at around $250 dollars after dropping almost $50 following reports on Friday that Binance was under investigation in the US, while ADA continues its losing streak and is flirting with support at $1 – can it find support at this level and rally?
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In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $58,260.14 | -4.15% | +16.78% | |
| Ethereum (ETH) | $1,808.10 | -4.80% | +6.51% | |
| XRP (Ripple) | $0.4363 | -3.91% | -5.85% | |
| Monero (XMR) | $229.78 | -3.29% | +10.99% | |
| Polkadot (DOT) | $36.00 | -3.48% | +6.23% | |
| Algorand (ALGO) | $1.23 | +11.24% | +13.93% | |
| Cardano (ADA) | $1.03 | -4.85% | -7.44% | |
| Chainlink (LINK) | $28.04 | -4.71% | -2.17% | |
| Aave (AAVE) | $372.11 | -5.93% | -4.97% | |
| UniSwap (UNI) | $30.30 | -8.02% | -8.24% | |
| Celsius (CEL) | $4.93 | -4.09% | -3.24% | |
| Binance Coin (BNB) | $258.43 | -4.69% | +11.12% | |
| Crypto market cap | $1,756,768,218,215 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -2.50 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | -0.42 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -3.84 | |||
| Prices and data as of [08:30, 15/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 14 2021, at a price of $59,302.32 – down from $61,243.08 the day before.
The daily high yesterday was $61,597.92 and the daily low was $59,302.32. That’s Bitcoin’s highest ever daily low.
This time last year, the price of Bitcoin closed the day at $5,200.37. In 2019, it closed at $3,924.37.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1,085,955,406,267. To put that into context, the market cap of gold is $10.948 trillion and silver is $1.42 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $50,875,839,680. 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 66.51%.
Fear and Greed Index
Market sentiment is back up in Extreme Greed at 76.
Bitcoin’s market dominance
Bitcoin’s market dominance is 62.82. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 63.58. 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 is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.”
– Kim Dotcom, CEO of MegaUpload
What they said yesterday…
Miami still pushing to be home of crypto
India, on the other hand, pushing very hard to not be
?
What’s your prediction?
Crypto AM Parliamentary Special Five Part Series
March 2021
Day Five…
Day Four…
Day Three…
Day Two…
Day One…
Crypto AM Editor writes
Can Bitcoin hit $60,000 this week?
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Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
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 08:30am GMT.