MasterCard plans to follow PayPal with crypto receipts for merchants, Cardano launching Native Tokens
Crypto at a Glance
The markets slowed yesterday, with Bitcoin and Ethereum both seeing small retraces after hitting new all-time highs earlier in the week. The rumour mill continues to grind though, with new reports quoting a ‘source familiar matter’ that MasterCard is planning to give merchants the option to receive payments in cryptocurrency later this year. The question is, will it stop people HODLing and get them to start spending their crypto?
It was a similar story across the board yesterday, with minor losses or minor gains for the majority. The story of the moment continues to be Cardano, which is now up more than 100% in the last 10 days alone. The rise follows last week’s upgrade of the platform’s ‘native tokens’ testnet – (read today’s Crypto AM: Conversation with James Bowater) the first step towards allowing full multi-asset support and enabling the use of cryptocurrencies from other blockchains on Cardano, and the creation of their own tokens, similar to functionality offered by Ethereum. Cardano has already announced a partnership with AI and blockchain giant, Singularity.net. Is this rise just the beginning?
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In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 10 February, 2021, at a price of $44,918.18 – down from $46,481.10 the day before.
The daily high yesterday was $47,145.57 and the daily low was $43,881.15.
This time last year, the price of bitcoin closed the day at $9,856.61. In 2019, it was $3,690.19.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is currently $831,896,263,974. down from $862,486,778,655 yesterday. That keeps Bitcoin in ninth spot on the list of largest assets in the world, above Facebook and Tesla. Gold’s market cap is $11.705 trillion, so there’s still a good amount of growth.
The volume traded over the last 24 hours was $83,742,305,480, down from $86,190,254,134 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of bitcoin over the last 30 days is 92.88%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 93.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 61.61. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.57. 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
What they said yesterday…
Mike strikes again.
Gene’s been into bitcoin all nite.
First Musk, then Simmons, then Lohan! It never rains but it pours.
Darren Parkin Articles
Crypto AM: Longer Reads
City AM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Deeper Dives with Liam Roche
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM: Recommended Events
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 2021 – Tokyo
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 08:30am GMT.
Crypto AM Daily in association with Luno