Stability begins to return to Bitcoin and crypto markets
The crypto markets are mostly flat over the last 24 hours, with the Bitcoin price sitting steady at just above the $38k mark. The Ethereum price has also dropped less than one per cent in the last 24 hours, holding at around $2,500.
The stability stands in contrast to wider global financial markets, the tech-focused Nasdaq index down 20 per cent from its record high as Wall Street suffered its biggest losses in more than a year. Japan’s Nikkei share index has also closed at a 16-month low, while European markets have taken a similar hit.
The negative sentiment in the markets appears to be linked to talk of a potential ban on Russian oil imports, which has driven a surge in energy prices over the past few days. Higher prices at the pump could add to wider inflationary pressures, which may in turn lead to more pressure for central banks to raise interest rates – which has been a negative force on all financial markets lately.
The average price of gasoline rose to $4.009 per gallon on Sunday, according to the travel and other services organisation, American Automobile Association (AAA), within touching distance of its all-time high of $4.11 set in July 2008.
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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 $1.718 trillion, up from $1.709 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 7 2022, at a price of $38,062.04, down from $38,419.98 the day before. The daily high yesterday was $39,430.23 and the daily low was $37,260.20.
This time last year, the price of Bitcoin closed the day at $52,246.52. In 2020, it closed at $8,108.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $725.44 billion yesterday. To put it into context, the market cap of gold is $12.806 trillion and Tesla is $831.54 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.094, up from $22.737 billion 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 61.56%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.43. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.19. 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 showing the power of decentralised money.”
Forbes
What they said yesterday
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And it’s growing…
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Crypto AM: Industry Voices
Crypto AM: Contributors
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Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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Crypto on the catwalk
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