Crypto markets unmoved by Super Bowl interest
The Bitcoin price starts the week above $42k, around the same as this time yesterday and also this time last week. The rest of the crypto markets are largely in the red, with Ethereum down by about two per cent over the last 24 hours and seven per cent compared to its value a week earlier.
It was a relatively flat weekend in the crypto markets. A number of pundits speculated that last week’s uptick was investors looking ahead to a potential explosion of demand with the airing of crypto ads during the Super Bowl, though it seems such fears were ill-founded and things have looked calm.
It’s more likely that crypto’s mixed performance continues to follow major stock indexes, with investors looking jittery amid fears that Russia could invade Ukraine and plunge the world into more uncertainty. The S&P 500 dropped nearly two per cent on Friday and the tech-focused Nasdaq plummeted 2.7 per cent. The UK’s FTSE share index has fallen 1.3 per cent at the start of trading. Stocks markets across Asia-Pacific have fallen sharply, with Japan’s Nikkei has lost 2.2 per cent and China’s CSI 300 index is down a little over one per cent.
The move came as hashrates for the Bitcoin network hit lifetime highs.
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Friday’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 $1.859 trillion.
What Bitcoin did yesterday
We closed yesterday, February 13 2022, at a price of $42,197.52, down from $42,244.47 yesterday. The daily high yesterday was $42,693.05 and the daily low was $41,950.94.
This time last year, the price of Bitcoin closed the day at $48,717.29. In 2020, it closed at $10,312.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $799.14 billion. To put it into context, the market cap of gold is $11.772 trillion and Tesla is $872.9 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.895 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 62.04%.
Fear and Greed Index
Market sentiment today is 46, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.62. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.55. 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
“Authoritarians hate Bitcoin because they can’t control it.”
U.S. senator Ted Cruz
What they said yesterday
Can you spot the pattern?
How about that?
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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
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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