Mr Bitcoin goes to Washington
The Bitcoin price yesterday failed to hold above the $50k mark at all, falling as low as $48k before rebounding somewhat to just above $49,000. The largest cryptocurrency is currently down around two per cent since this time yesterday.
The rest of the cryptocurrency market has followed a broadly similar trajectory this morning, with the Ethereum price slipping around one per cent. XRP is bucking the trend, up seven per cent over the past 24 hours this morning.
The big news yesterday was the US House Financial Services Committee’s hearing with six crypto executives about trading and stablecoins. The discussions focused on security frameworks, anonymity of crypto transactions and regulatory standards. It was, as many suspected, fertile ground for out-of-touch congressmen to showcase their lack of knowledge.
The weak performance in the cryptocurrency continues to contrast with strengthening global financial markets, with the S&P 500 again yesterday approaching record highs. Bitcoin is still up about 75 per cent, compared with a roughly 22 per cent return in the S&P 500 so far this year, but the gap is narrowing.
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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 $2,362,064,067,091 up from $2,354,652,861,887 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 8 2021, at a price of $50,504.80, up from $50,700.08 the day before. The daily high yesterday was $51,171.38 and the daily low was $48,765.99.
This time last year, the price of Bitcoin closed the day at $18,553.92. In 2019, it closed at $7,400.90.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $938.67 trillion. To put it into context, the market cap of gold is $11.344 trillion and Tesla is $1.073 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28,570,931,630, down from $32,269,066,381 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 58.48%.
Fear and Greed Index
Market sentiment today is 29, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.37. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 34.68. 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
“This technology is new and exciting.”
US Congressman Patrick McHenry on Bitcoin
What they said yesterday
What’ll it be next year?
2022 is sunny with a strong chance of adoption…
Digital gold?
Crypto AM: Editor’s picks
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New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
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Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
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
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
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Crypto AM: Events
Cautionary Notes