Bitcoin holds at $39k as EU prepares crypto legislation vote
The Bitcoin price has been flat over the past 24 hours, currently sitting at around $39k. The leading cryptocurrency dropped below $38,000 over the weekend, but quickly bounced back to the level where it has spent the majority of the month so far.
Other major cryptocurrencies have seen similar movements, with Ethereum also at just above $2,500.
The stability comes amid ongoing uncertainty for global financial markets, with inflation and geopolitical turmoil both continuing to drive price movements. On Wednesday, policymakers will decide whether or not to proceed with an interest rate hike that has been discussed since last year.
Elsewhere, lawmakers in Europe are set to vote on cryptocurrency legislation this week. The most-recent draft of the European Union’s (EU) proposed legislative framework for governing virtual currencies, Markets in Crypto Assets (MiCA), still had a proposed ban on the proof-of-work mechanism that Bitcoin and several other major cryptocurrencies use to confirm transactions.
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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 $1.722 trillion.
What Bitcoin did yesterday
We closed yesterday, March 13 2022, at a price of $37,849.66, down from $38,904.01 the day before. The daily high yesterday was $39,209.35 and the daily low was $37,728.14.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $732.89 billion yesterday. To put it into context, the market cap of gold is $12.573 trillion and Tesla is $822 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $20.927 billion. 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 62.73%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.38. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.74. 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 digital property and the most cost efficient method we have yet discovered for converting energy into prosperity.”
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What they said yesterday
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Big words…
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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. Morning Wire, 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