Will Elon Musk’s Tesla payment announcement trigger Bitcoin rise?
Crypto at a glance
On Monday, we asked what could spark a move big enough to force Bitcoin out of its recent malaise and provoke another burst to greater heights? Enter, Elon.
Tesla and SpaceX CEO Elon Musk sent the crypto markets into a frenzy (again) this morning, tweeting confirmation that the electric car giant’s plans to accept Bitcoin had finally come to fruition.
The Pied Piper of the crypto markets also noted, perhaps even more bullishly, that the Bitcoin received in payments won’t be converted to cash, instead adding to the $1.2 billion worth of cryptocurrency that it bought in early February.
He concluded that, having been late to the BTC party but encouraged by friends, his adoption of Bitcoin “in retrospect, it was inevitable”.
Bitcoin has now soared from $54,700 to above $56,000 at time of writing in the aftermath of Musk’s announcement, having defended support at $53,000 on Tuesday. The move comes even as the dollar strengthens to heights not seen since last November.
In other adoption news, Miami continues to shore up its burgeoning reputation as ‘the city of crypto’. It was announced yesterday that local basketball team Miami Heat and cryptocurrency exchange, FTX have agreed to a $135M naming-rights deal for their arena. Is it happening? I think so.
Elsewhere, Bitcoin’s jump start has given a nudge down the ranks, with Ethereum, BNB and Cardano also now up over the last 24 hours and rising.
The big riser continues to be THETA though, which has now flipped Litecoin to make it the ninth largest cryptocurrency by market cap. The video platform’s coin is now up more than 100% in the last seven days. What’s behind the rise?
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In the markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $56,397.67 | +4.48% | +0.21% | |
| Ethereum (ETH) | $1,719.21 | +2.47% | -3.85% | |
| XRP (Ripple) | $0.5578 | -2.26% | +17.21% | |
| Monero (XMR) | $223.49 | +2.95% | -4.54% | |
| Polkadot (DOT) | $35.57 | 1.04% | -1.07% | |
| Algorand (ALGO) | $1.14 | +4.90% | -3.96% | |
| Cardano (ADA) | $1.16 | +3.50% | -10.14% | |
| Chainlink (LINK) | $27.62 | +1.72% | -1.62% | |
| Aave (AAVE) | $350.41 | +2.84% | -5.14% | |
| UniSwap (UNI) | $31.55 | -5.78% | +2.68% | |
| Celsius (CEL) | $4.99 | +1.87% | +1.83% | |
| Binance Coin (BNB) | $260.98 | +1.62% | +2.16% | |
| Crypto market cap | $1,754,399,621,489 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | +0.90 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +1.57 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | +0.53 | |||
| Prices and data as of [08:30, 24/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 23 2021, at a price of $54,738.94 – up from $54,529.15 the day before. It’s now 17 days in a row that the price has closed above $50,000.
The daily high yesterday was $55,985.44 and the daily low was $53,470.69.
This time last year, the price of Bitcoin closed the day at $6,416.31. In 2019, it closed at $4,035.83.
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 $1,050,432,308,733, up from $1,011,403,408,278 yesterday. To put that into context, the market cap of gold is $11.041 trillion and Alphabet (Google) is $1.372 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $56,229,175,229, down from $62,955,883,802yesterday. 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 64.44%.
Fear and Greed Index
Market sentiment is back down in Greed at 65.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 61.11. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.80. 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 paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”
– Elon Musk, putting his money where his mouth is and his crypto where his money was.
What they said…
It’s happened…
It’s happening…
A valid point…
Love it when a Backstreet Boy says…
Crypto AM Editor writes
Elon Musk: you can now buy a Tesla with Bitcoin
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Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
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Crypto AM: Founders Series
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Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special Five Part Series
March 2021
Day Five
Day Four
Day Three
Day Two
Day One
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
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.