Stimulus passes as Bitcoin marches on
Crypto at a glance
Bitcoin extended its winning streak yesterday, soaring to more than $56,000 before a pullback last night took it back down to just below the $55,000 level, where it is currently trading.
The move came after the US House of Representatives on Wednesday passed a $1.9 trillion coronavirus relief bill that will see many US citizens get a $1,400 cheque in the post – a measure that some speculate will drive up inflation and showcase Bitcoin’s key attributes as a deflationary asset.
It could also create an influx of demand, similar to the $1,200 stimulus cheque last year. That cheque would now be worth over $10,000 if invested in Bitcoin.
It was relatively quiet in the rest of the markets. Ether was down slightly on Wednesday, as were other recent climbers BNB, ADA and DOT. Only Bitcoin Cash has seen a small gain over the past 24 hours. Will it be enough to bring it back into the top 10? Or is its star fizzling out?
It’s hard to believe that, three lockdowns later, today marks the first anniversary of the highly successful inaugural Crypto AM Awards.
It was held in Canary Wharf at Boisdale attended by the Lord Mayor of the City of London, Alderman William Russell. We are looking forward to the Crypto AM Awards 2021 – it’s just a matter of when!
Start your investment journey into crypto with Luno with £10 on us!
If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.
In the Markets
Crypto market cap $1,669,842,795,059
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 10 2021, at a price of $56,008.55 – up from $54,824.12 the day before. That’s the highest daily close since February 21.
The daily high yesterday was $57,258.25 and the daily low was $53,290.89.
This time last year, the price of Bitcoin closed the day at $7,909.73. In 2019, it was $3,951.60.
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 $1,018,236,417,117 at time of writing, up from $1,017,870,182,774 yesterday. That’s bigger than VISA and Mastercard combined. To put that into context, the market cap of gold is $11.036 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $53,488,255,989, down from $49,266,303,818 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 66.1%.
Fear and Greed Index
Market sentiment remains in Greed, up to 73 today.
Bitcoin’s market dominance
Bitcoin’s market dominance is 62.02. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 62.69. 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
“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.”
Leon Louw, two-time Nobel Peace Prize nominee
What they said yesterday
Not everyone is buying Bitcoin, yet…
Stimulated…
Very true…
Will Saylor ever stop?
Crypto AM Parliamentary Special Five Part Series
Day Three
https://vip-staging.cityam.com/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/
Day Two
https://vip-staging.cityam.com/financial-institutions-should-consider-appointing-ai-officers/
Day One
https://vip-staging.cityam.com/financial-services-bill-time-to-act/
Crypto AM Editor Writes
Can Bitcoin hit $60,000 this week?
https://vip-staging.cityam.com/can-bitcoin-hit-60000-this-week-and-what-happens-next/
Bitcoin mounts fresh assault on $55k
https://vip-staging.cityam.com/bitcoin-mounts-fresh-assault-on-55k-but-is-60000-now-in-its-sights/
Institutions are driving cryptocurrency
https://vip-staging.cityam.com/institutions-are-driving-cryptocurrency-boom-says-goldman-sachs/
Crypto AM: Longer Reads
City AM Markets: What is Decentralised Finance (DeFi) by Aave
https://vip-staging.cityam.com/what-is-decentralised-finance/
Aave: DeFi Hub latest Article
https://vip-staging.cityam.com/defi-unlocking-liquidity-for-consumers-institutions/
Crypto AM: Conversation with James Bowater
https://vip-staging.cityam.com/native-tokens-on-cardano/
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
https://vip-staging.cityam.com/the-state-of-the-state-of-ethereum/
Crypto AM: Talking Legal
Crypto AM: Spotlight
https://vip-staging.cityam.com/crypto-am-shines-its-spotlight-on-sheesha-finance/
Crypto AM: Founders Series
https://vip-staging.cityam.com/nine-messages-to-the-world-on-crypto/
Crypto AM: Industry Voices
https://vip-staging.cityam.com/how-stablecoins-provide-a-blueprint-for-tomorrows-money/
Crypto AM: A Trader’s View with TMG
https://vip-staging.cityam.com/bitcoin-price-crashed-here-is-what-comes-next/
Crypto AM: Tiptoe through the Crypto with Monty Munford
https://vip-staging.cityam.com/whats-that-coming-over-the-mountain-be-more-yeti/
Crypto AM: Definitively DeFi
https://vip-staging.cityam.com/re-defining-finance-raises-launchpads/
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
https://dubai.cc-forum.com
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
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 08:30am GMT.