Bitcoin recovers after Saturday’s sudden decline
The Bitcoin price was hovering just below the $48k level this morning, after a sudden drop early on Saturday saw the leading cryptocurrency fall nearly $10,000 in roughly an hour.
Bitcoin hit a low of around $43,000, as ongoing uncertainty around the omicron coronavirus variant continues to cause havoc in the global financial markets. European stock markets have started the week higher, but will we see a recovery in the cryptocurrency markets?
Saturday was Bitcoin’s biggest price drop since May when it slumped from more than $43,000 to below $32,000 over a 24-hour period – a near 27 per cent decline. The markets have since stabilised, but Bitcoin is still down by more 15 per cent compared to a week earlier.
Ethereum (ETH) weathered the crash slightly better, currently down just seven per cent over the past week and holding above $4k. However, other alt coins fared significantly worse, with many seeing declines of more than 20 per cent.
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 $2,261,350,593,012.
What Bitcoin did yesterday
We closed yesterday, December 05 2021, at a price of $49,368.85, up from $49,200.70 the day before. The daily high yesterday was $49,768.15 and the daily low was $47,857.50.
This time last year, the price of Bitcoin closed the day at $19,345.12 . In 2019, it closed at $7,547.00.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $922.17 trillion. To put it into context, the market cap of gold is $11.334 trillion and Tesla is $1.019 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,200,667,722. 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 61.68%.
Fear and Greed Index
Market sentiment today is 16, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.40. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 31.86. 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 pro Bitcoin,” says CEO of company managing 90% of Texas energy grid
What they said yesterday
Buying the dips…
History was made that day…
What’s on your Christmas list?
Crypto AM: Editor’s picks
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
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
Crypto AM: Features
Crypto AM: Spotlight
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 AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
Crypto AM: Events
Cautionary Notes