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Bitcoin recovers after black and blue Friday for financial markets

The cryptocurrency markets are currently in recovery mode after Friday’s crash saw the Bitcoin price fall to $53k. Bitcoin is currently up five per cent over the past 24 hours, changing hands for just above the $57k level. Ethereum is also up seven per cent to more than $4,300, having fallen below $4,000 on Friday and then again yesterday.

Friday’s crash hit all financial markets, with fears of the new Omicrom covid variant raising the spectre of new lockdowns and more financial devastation. 

The World Health Organization has labeled Omicron “a variant of concern,” but details of how transmissible or virulent the strain is remain sparse. 

The stock markets saw their biggest losses in a year on Friday, though they now appear to be stabilising, despite a number of governments re-introducing new travel rules. Has relatively quick action settled markets before more serious damage could be done?

Elsewhere, the majority of cryptocurrencies are up today as they recover from the weekend’s losses. Solana (SOL) and Polkadot (DOT) are the day’s big gainers, both increasing in value by around seven per cent since yesterday morning. 

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

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 $2,571,293,358,961.

What Bitcoin did yesterday

We closed yesterday, November 28 2021, at a price of $57,248.46, up from $54,815.08 the day before. The daily high yesterday was $57,393.84 and the daily low was $53,576.74. 

This time last year, the price of Bitcoin closed the day at $18,177.48. In 2019, it closed at $7,761.24. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.084 trillion. To put it into context, the market cap of gold is $11.418 trillion and Tesla is $1.086 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $29,481,898,893. 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 46.82%.

Fear and Greed Index

Market sentiment today is 33, in Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.77. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 47.16. 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

“I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.” 

Vijay Shekhar Sharma, the founder of Paytm

What they said yesterday

They don’t stop…

And it barely flinches…

A moment in history…

Crypto AM: Editor’s picks

Diamond claws: Crypto trading hamster dies after standout investing career

The first hamster to become a crypto investment guru, Mr Goxx, has died of unknown causes.

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)

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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

The post Bitcoin recovers after black and blue Friday for financial markets appeared first on CityAM.

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