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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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 $1,327,518,658,730.
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.
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.
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.”
What they said yesterday
What will Jack do next?
But you’re still early…
Watch this space…
Crypto AM: Editor’s picks
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
Former Chancellor Philip Hammond joins crypto start-up Copper
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
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
Crypto AM: Events