Crypto at a glance
The crypto markets took another hit yesterday, but continue to look strong and the total market cap remains above $ 1.9 trillion. Will it now continue to fall after the weekend gains, or can the Bulls regain the initiative?
The price of Bitcoin is slightly down for a second day in a row, although it is still trading in the corridor between $ 56,000 and $ 60,000, where it is struggling to break through. It is currently just over $ 57,000. Resistance currently looks strong at $ 60,000, but support is also strong at $ 55,000. What will it take for a big move one way or the other?
It was a similar story elsewhere. Ethereum yesterday lost more than seven percent of its price to a low of $ 1,945.44, wiping out a week of gains and sending it below $ 2,000 for the first time since April 3. Can he hold on?
There is a sea of red across the board today, although the losses are largely in the low percentages and a small dent in recent gains. This is particularly impressive given the deluge of FUD from mainstream media so far this week, mainly around China and regulation.
Much of this was the usual combination of disinformation and speculation regarding its environmental impact in China, as well as calls from people like JP Morgan CEO Jamie Dimon calling for increased speculation.
More interestingly, there was also Peter Thiel, the self-proclaimed libertarian and Bitcoin tech entrepreneur and maximalist, who suggested yesterday that Bitcoin should be treated as a “ Chinese financial weapon ” and subjected to stricter scrutiny from the States. United.
The comment was widely viewed as a suggestion that the U.S. government should get more involved in crypto and use it itself. Will they heed his warning?
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On the stairs
The Bitcoin economy
*You will find definitions and information on https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 1,929,987,559,189, up from $ 1,957,412,306,515 yesterday.
What Bitcoin Did Yesterday
We closed yesterday, April 7, 2021, at a price of $ 56,048.94 down from $ 58,192.36 the day before.
Yesterday’s daily high was $ 58,731.14 and the daily low was $ 55,604.02.
This time last year, the price of Bitcoin closed the day at $ 7,176.41. In 2019, it closed at $ 5,198.90.
Bitcoin market capitalization
Bitcoin market capitalization is $ 1.065 trillion at the time of writing, up from $ 1.080 trillion yesterday. To put this in context, the market capitalization of gold is $ 11,074 trillion and that of silver is $ 1,386 trillion.
The total volume of spot transactions reported by all exchanges in the last 24 hours was $ 72,681,346,978, compared to $ 69,942,635,501 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be supported.
Bitcoin price volatility over the past 30 days is 49.53%.
Index of fear and greed
Market sentiment remains in greed to 73.
Dominance of the Bitcoin market
The dominance of the Bitcoin market today is 56.81. His lowest dominance on record was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.61. Values of 70 or higher indicate that an asset is becoming overbought and may be initiated for a trend reversal or undergo a price correction, an RSI reading of 30 or less indicates an oversold or undervalued condition.
Convince Your Nan: Soundbite of the Day
Mobile wallets are happening to everyone on the planet, whether we like it or not. And if it doesn’t rely on Bitcoin controlled and owned by US investors and US companies running on US technology, spreading US values, spreading US dollar, it is going to rely on Chinese yuan Either US technology and fintech are going to be built on top of [the] 21st Century Bitcoin Crypto Asset Network. Or not, and the six billion people on the planet who need such a thing are going to turn to someone else. I mean the truth is they will probably go to Bitcoin, but instead of US dollars on Bitcoin they will use Chinese Yuan, renminbi on Bitcoin.
Michael Saylor, bull of bulls
What they said yesterdaand
What Peter Thiel said …
What he really meant …
Crypto AM Editor writes
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It is certainly tempting to get carried away by the excitement, but please heed these warning words: do your own research, invest only what you can afford, and make good decisions. We hope that the indicators in this article will help. Remember, however, that the content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always advise you to get your own independent financial advice before investing or trading in cryptocurrency.
All information is correct at 08:30 GMT.
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