Bitcoin rebounds after another day of market turbulance
Yesterday was another turbulent day in the markets, with Bitcoin falling to a fresh low of $33k in the morning before seeing a sharp rebound to more than $37k. The largest cryptocurrency by market cap is currently up more than eight per cent and changing hands for around $36,500. Can it sustain that momentum?
Other major cryptocurrencies followed the leader, with Ethereum also up more than seven per cent to just below $2,500. The price action again echoes major stock indices, which tumbled earlier in the day before rebounding. The main driver still appears to be concerns that the US Federal Reserve will hike interest rates this week. Will certainty on the matter either way provide that boost we’ve been waiting for?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 $1,621,685,496,333, up from $1,615,262,801,871 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 23 2022, at a price of $36,654.33, up from $36,276.80 the day before. The daily high yesterday was $37,247.52 and the daily low was $33,184.06.
This time last year, the price of Bitcoin closed the day at $32,366.39. In 2020, it closed at $8,367.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $681.39 billion. To put it into context, the market cap of gold is $11.678 trillion and Tesla is $933.96 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $41,444,844,200, up from $25,588,267,184 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 53.68%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.57. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 27.82. 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 have owned #Bitcoin for years and am a strong believer.”
Texas candidate for governor, Don Huffines
What they said yesterday
And it won’t…
Falling upward…
It’s all the rage at the moment…
Crypto AM: Editor’s picks
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
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
Crypto AM: Features
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 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. City AM, 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