Bitcoin holding steady in the face of Putin’s escalating threats
The crypto markets are holding up reasonably well this morning, despite a weekend of escalating threats from Russian President Vladimir Putin.
The price of Bitcoin, the largest cryptocurrency by market cap, climbed past $39k yesterday and even looked set to surpass $40k, before dropping back to $38,500 last night.
It’s currently holding at around this level, down two per cent over the past 24 hours. If we don’t manage to stay above that number today, it means the first time we’ve seen four straight monthly red candles since the 2018 bear market.
The obvious (and likely unavoidable) thing to keep an eye on this week is Russia’s invasion of Ukraine, which is likely to be the main driver of market performance this week. The situation is fast-moving and economic sanctions are escalating, which means events and their impact on the markets will likely remain unpredictable. It’s worth noting that Bitcoin is still clearly correlating to traditional stock markets, with the European markets also opening with declines of between one per cent and two per cent. Can it break free and carve its own path amid the crisis?
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 🙏🏻
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 $1.711 trillion.
What Bitcoin did yesterday
We closed yesterday, February 27 2022, at a price of $37,709.78, down from $39,105.15 the day before. The daily high yesterday was $39,778.94 and the daily low was $37,268.98.
This time last year, the price of Bitcoin closed the day at $45,137.77. In 2020, it closed at $8,672.46.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $718.48 billion. To put it into context, the market cap of gold is $12.134 trillion and Tesla is $837 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.972 billion. 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 56.23%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.78. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.91. 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’m still amazed that there hasn’t been an approval of a spot Bitcoin ETF yet.
SEC Commissioner, Hester Peirce
What they said yesterday
Bitcoin is peaceful money…
In other words: People have faith in BTC…
Forever…
A friendly reminder…
Crypto AM: Editor’s picks
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
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
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