What China crisis? Crypto markets rally despite Beijing clampdown
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Crypto at a glance
The price of Bitcoin and other leading cryptocurrencies tumbled on Friday, as news spread that China’s central bank had again declared all crypto-related transactions illegal.
But with the crypto markets already recovering their losses on Monday morning, the big question now is whether investors have become immune to China FUD?
The People’s Bank of China’s notice forbidding banks and other financial institutions from offering services related to crypto is just the latest attempt by the government to stop its citizens using cryptocurrency, following years of notices, bans, forbiddings and crackdowns. Trading crypto-currency has officially been banned in China since 2019, though it has continued online through foreign exchanges.
Bitcoin fell to a low of just below $41,000 on the news, but the leading cryptocurrency has already rallied to about $44,000 this morning–the same level as before the ban. It’s up roughly seven per cent since yesterday morning. Ether is also back above last week’s highs of more than $3,100 after again dipping below $3,000 on Friday. It’s up 13 per cent over the past 24 hours..
While it appears the news has not impacted the markets as much as many may have feared, the clampdown could arguably be said to have had a dampening effect on Twitter’s announcement last Thursday that its 330 million active users will soon be able to send Bitcoin to each other instantly and for virtually zero cost.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: [email protected] using the subject line ‘CRYPTOAM SUMMIT’.
Summit & Awards Announcements
Crypto AM Awards 2021 Judges Announced
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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 $1,958,102,852,689.
What Bitcoin did yesterday
We closed yesterday, September 26 2021, at a price of $43,208.54, up from $42,716.59 the day before. The daily high yesterday was $43,919.30 and the daily low was $40,848.46.
This time last year, the price of Bitcoin closed the day at $10,775.27. In 2019, it closed at $8,251.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $828.53 billion. To put it into context, the market cap of gold is $11.17 trillion and Facebook is $995.14 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,234,083,681. 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 53.77%.
Fear and Greed Index
Market sentiment today is 26, still in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.91. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.70. 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
“I like to say that Bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.”
Morgan Stanley Investment Management’s Dennis Lynch
What they said yesterday
Big words, ja?
For a population with 6.5 million people…
Just another way to look at it…
Crypto AM: Editor’s pick
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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