Bitcoin

Crypto markets inch up from horizontal support – City A.M.


price of Bitcoin

Bitcoin has inched up this morning, springing back over $58,000 for the first time since Monday. It’s currently trading at $58,364, an increase of around three per cent in the last day. 

Other major cryptocurrencies are also seeing positive price action. Ethereum is currently changing hands for just over $4,300, up just over one per cent. Though other leading cryptocurrencies, including Solana and Cardano, have dropped in value.

The big news this week is the Indian government’s announcement that it will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 when it convenes at the Winter Session on Monday.

Experts are divided on how far India’s ‘private crypto’ ban will go and whether it will include Bitcoin and Ethereum. Last Thursday, Indian Prime Minister Narendra Modi called on all democratic nations to work together to regulate cryptocurrency, specifically Bitcoin, to “ensure it does not end up in the wrong hands which can spoil our youth.”

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 🙏🏻

Yesterday’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 $2,586,046,553,723, up from $2,572,320,560,309.

What Bitcoin did yesterday

We closed yesterday, November 24 2021, at a price of $57,206.37, down from $57,569.07 the day before. The daily high yesterday was $57,803.07 and the daily low was $55,964.22. 

This time last year, the price of Bitcoin closed the day at $18,732.12. In 2019, it closed at $7,146.13. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.082 trillion. To put it into context, the market cap of gold is $11.39 trillion and Tesla is $1.12 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $34,286,540,766, down from $35,990,540,023 yesterday. 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 42.55%.

Fear and Greed Index

Market sentiment today is 32, in Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.52. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 43.41. 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 a rules-based monetary system the likes of which we’ve never seen.” 

Ark Invest CEO on CNBC

What they said yesterday

Bitcoin goes blockbuster…

Who’s next?

We’ve come a long way…

Crypto AM: Editor’s picks

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 city

Bitcoin’s long-awaited Taproot upgrade has arrived

Bitcoin's long awaited Taproot upgrade just dropped on main net.
Bitcoin’s long awaited Taproot upgrade just dropped on main net.

NFTs set to fund new cryptocurrency movie

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)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO

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

Jonny Fry Taking a Byte out of Digital Assets

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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