Anticipation of the first Bitcoin ETF in the United States launching this week saw the largest cryptocurrency by market cap firmly establish itself above the $60k mark over the weekend.

Bitcoin is currently changing hands for just below $62k – within touching distance of its all-time high price of more than $64k, which was set in April. Will it continue the momentum into the coming week?

The signs are certainly good. The ProShares Bitcoin Strategy ETF will today complete a 75-day period since the fund manager filed plans and could begin trading on Tuesday.

The major obstacle is the US Securities and Exchange Commission (SEC), which could still object. Investors, however, seem to be betting that recent positive statements by the likes of SEC head Gary Gensler mean that won’t be a problem. Will they be proved correct?

Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency exchanges. Investors hope Bitcoin ETFs will provide access to a whole new pool of investors and boost trading volumes.

It seems that the news is mostly impacting Bitcoin for the time being, despite a rally late last week for alt coins such as Ethereum. The second-largest cryptocurrency is now closing in on $4k – a level it last surpassed in May. It’s down two per cent over the past 24 hours. Other market leaders, including Cardano (ADA) and Solana (SOL), are also down slightly today.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻

Friday’s Crypto AM Daily in association with Luno

price of Bitcoin

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 $1,327,518,658,730. 

What Bitcoin did yesterday

We closed yesterday, October 17 2021, at a price of $61,553.62, up from $60,892.18 the day before. The daily high yesterday was $61,645.52 and the daily low was $59,164.47. 

This time last year, the price of Bitcoin closed the day at $11,742.04. In 2019, it closed at $7,973.21. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.175 trillion. To put it into context, the market cap of gold is $11.21 trillion and Facebook is $915.64 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $31,685,578,108. 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 59.14%.

Fear and Greed Index

Market sentiment today is 78, in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 46.80. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 73.16. 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 is the best store of value on the planet – that’s why I own it.”

Mark Cuban

What they said yesterday

What will Jack do next?

But you’re still early…

Watch this space…

Empowering…

Crypto AM: Editor’s picks

Bank of England: Crypto regulation must be pursued as ‘matter of urgency’

Select Committee Hears From The Bank Of England On the Costs And Benefits Of The UK's EU Membership
(Getty Images)

Former Chancellor Philip Hammond joins crypto start-up Copper

Philip Hammond joins Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto start up Copper (Photo by Jeff J Mitchell/Getty Images)

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

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

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

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