Bitcoin slow to recover despite global financial markets picking up the pace
The Bitcoin price is just about holding above the $50,000 mark this morning, but has drifted slightly downwards since yesterday. The leading cryptocurrency is currently trading for a couple of hundred dollars over $50k. Other cryptocurrencies have seen similar price action, with Ethereum also dropping slightly, changing hands for just above the $4,300 level this morning.
The drop comes despite the global financial markets continuing to climb. The Nasdaq yesterday jumped three per cent – the biggest one-day gain since March, while the S&P 500 rose two per cent and the Dow Jones rose 1.4 per cent. The UK index, meanwhile, also closed at its highest level since November 15 and has now recovered the losses it made over the weekend.
The price drop means market sentiment continues to look weak. The Fear and Greed Index has hovered between ‘Fear’ and ‘Extreme Fear’ again over the past seven days. On Monday, the index hit a bottom of 16 as panic spread across the market following the weekend sell-off. We haven’t seen such a fearful market in almost four months. Market sentiment bounced up on Tuesday as the market recovered strongly, but we are still in the ‘fear’ zone.
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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 $2,354,652,861,887 down from $2,373,024,875,842 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 7 2021, at a price of $50,700.08, up from $50,582.63 the day before. The daily high yesterday was $51,934.78 and the daily low was $50,175.81.
This time last year, the price of Bitcoin closed the day at $18,321.14. In 2019, it closed at $7,564.35.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $954.69 trillion. To put it into context, the market cap of gold is $11.368 trillion and Tesla is $1.056 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32,269,066,381, down from $38,210,323,739 yesterday. 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 59.32%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.95. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.06. 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
“It would go to $1 million a coin. It could do that because everyone, it’s not U.S. investors, the whole world will look at one thing that they can’t make more of and that would be Bitcoin.”
The chairman of Starwood Capital Group, billionaire Barry Sternlicht
What they said yesterday
It was always going to…
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