Tuesday November 23, 2021 11:04 am
Bitcoin price fell below $ 56,000 again yesterday as its retreat from recent all-time highs continues. Can it hold at this level or does it have to keep falling?
Markets were generally positive yesterday, and US President Joe Biden’s announcement that he will reappoint Federal Reserve Chairman Jerome Powell temporarily boosted stocks and cryptocurrencies.
Bitcoin’s rally didn’t last long, however. It’s currently changing hands for just over $ 56,000, a two percent decrease in the past 24 hours.
There is a mindset that the current retreat in cryptocurrencies is a natural part of the cycle after a strong rally last month as investors take profits.
The pullback has also reflected a similar decline for gold, which, after starting off strongly in November, has now fallen in each of its last three consecutive sessions. Global concern about rising inflation has been attributed to the rise in the value of the yellow metal in the first few days of the month, but with the US economy performing well and the consumer in a strong position, gold appears to have lost some of its appeal.
Is this further evidence that Bitcoin price movements are more geared towards gold as an inflation hedge?
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Yesterday Crypto AM Daily in collaboration with Luno
In the markets
The bitcoin economy
* Definitions and findings can be found at https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,569,791,125,299.
What Bitcoin did yesterday
We got yesterday, November 21, 2021, for the price of. closed $ 56,289.29, down from $ 58,730.48 the previous day. The daily high was $ 59,266.36 yesterday and the daily low was $ 55,679.84.
Around this time last year, Bitcoin closed the day at $ 18,364.12. In 2019, it closed at $ 7,397.80.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 1.082 trillion. To put it in context, the market cap of gold is $ 11.462 trillion and Tesla is $ 1.064 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges in the last 24 hours was $ 2,554,266,834,102, down from $ 29,267,584,920 yesterday. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.
volatility
Bitcoin’s price volatility over the past 30 days is 43.84%.
Fear and greed index
The market sentiment is today 33, in fear.
Bitcoin’s market dominance
Bitcoin’s market dominance is today 42.57. The lowest dominance ever measured was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.24. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“This is not a fad. We should be careful but not fearful. Don’t be the person who said in 1995 that the internet was just a place for geeks and criminals and would never go mainstream. And don’t be the person who said email was a passing fad. “
Jane Hume, Australian Treasury Secretary
What they said yesterday
Mark the day …
889 days until the next #bitcoin halving, when the block reward drops from 6.25 BTC to 3.125 BTC.
– Bitcoin (@Bitcoin) November 22, 2021
Is crypto becoming synonymous with South America?
💥BREAKING: Brazilians can now buy / sell #Bitcoin HODL through the Mercado Libre app – the largest Latin American company.
– Bitcoin archive 🗄🚀🌔 (@BTC_Archive) November 22, 2021
A new chapter in social media history …
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Crypto AM: Mixing in the Metaverse with Dr. Chris Kacher
Crypto AM: Visions of the Future, Past and Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Get a byte out of digital assets with Jonny Fry
Crypto AM: Parliamentary Special Offer
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
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