Goldman Sachs, Citi, JP Morgan – institutional appeal continues as Bitcoin surges above $ 50,000

Crypto at a glance

Has the momentum turned back in favor of Bitcoin? The leading cryptocurrency popped a head above $ 50,000 this morning for the first time in six days and continues to hover around the $ 49,000 level.

Is the move part of a more sustainable recovery or is it just a continuation of recent volatility?

The move certainly takes place amid a string of bullish news, with several giants in the financial services industry lining up to either praise the cryptocurrency or possibly drag it into space (or return).

A new report from US banking giant Citi has suggested that Bitcoin could become an “international trading currency” as it evolves, while a new report from Fidelity Investments suggests that Bitcoin has evolved to be a form could be treated by digital gold. Whatever it is – and it could be either – it is very good news.

Coindesk, meanwhile, reports from “factual sources” that the investment bank Goldman Sachs has restarted its cryptocurrency trading desk after a three-year hiatus. It is also speculated that the bank plans to re-support Bitcoin futures trading.

It’s all green today as cryptocurrencies continue to bounce back from last week’s losses. The battle for third place continues, with Binance Coin skipping ADA again. The move comes as ADA is dropping slightly despite successful work on its new Mary upgrade yesterday. What impact will the upgrade have on long-term price development?

Start your investment journey in Crypto with Luno with € 10 with us!

If you haven’t started your crypto journey yet, we’ve teamed up with Luno to offer you € 10 absolutely free. Click on the graphic below and simply enter the code CITYAM10 when registering.

In the markets

Surname	price	Price change (24h)	Price change (7 days)
Bitcoin (BTC)	$ 49,116.70	+ 6.34%	-1.77%
Ethereum (ETH)	$ 1,564.42	+ 9.19%	-2.02%
XRP (ripple)	$ 0.4439	+ 4.34%	-13.83%
Currency (XMR)	$ 227.19	+ 7.39%	+ 11.58%
Polkadot (DOT)	$ 35.98	+ 7.24%	+ 4.11%
Algorand (SOMETHING)	$ 1.08	+ 6.48%	+ 9.82%
Cardano (ADA)	$ 1.22	-3.07%	+ 24.02%
Chain link (LINK)	$ 29.41	+ 17.38%	+ 8.59%
Aave (AAVE)	$ 385.63	+ 5.48%	+ 12.60%
UniSwap (UNI)	$ 26.53	+ 17.76%	+ 14.85%
Celsius (CEL)	$ 4.69	+ 0.04%	-9.21%
Binance Coin (BNB)	$ 251.77	+ 14.04%	+ 8.67%
Crypto market capitalization	$ 1,499,160,339,131
MVIS CryptoCompare Digital Assets 100 large-cap index	-0.04
MVIS CryptoCompare Digital Assets 100 Small Cap Index	+11.21
MVIS CryptoCompare Ethereum Close VWAP Index	+1.69
Prices and dates from [08:30, 2/03/2021]	Source: CryptoCompare.com, MVIS

The bitcoin economy

* For definitions and findings, see https://bytetree.com/insights/

What Bitcoin did yesterday

We were closed yesterday, March 1st, 2021 at a price of $ 49,631.24 – from $ 45,137.77 the previous day.

Yesterday’s daily high was $ 49,784.02 and the daily low was $ 45,115.09.

Around this time last year, Bitcoin closed the day at $ 8,562.45. In 2019 it was $ 3,859.58.

To date, buying Bitcoin has been for …

99.9% every day since April 28, 2013.

Bitcoin market capitalization

Bitcoin’s market capitalization is $ 910,126,141,016from $ 876,439,281,969 yesterday. That said, it’s still the eighth largest commodity in the world, approaching Alphabet with a market cap of $ 1.399 trillion. The total market cap of gold at the time of writing is $ 10.907 trillion. Getting closer!

Bitcoin volume

The volume traded in the last 24 hours was $ 54,465,753,669from $ 50,488,271,010 yesterday. High volumes can indicate that significant price movement has stronger support and is more likely to be sustained.

volatility

Bitcoin’s price volatility over the past 30 days is 80.59%.

Fear and greed index

The market sentiment is right again 78 again today after temporarily plunging into fear yesterday.

Bitcoin’s dominance of the market

Bitcoin’s dominance of the market is 61.71. The lowest dominance ever recorded was 9/37 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is 54.79. Values ​​of 70 or higher indicate that an asset is being overbought and may be prepared for a trend reversal or price correction. An RSI of 30 or less indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“In my view, Bitcoin has evolved to the point where it could be treated as a form of digital gold … a possible counterbalance to future monetary inflation.”

Jurrien Timmer, Director of Global Macro Fidelity Global Asset Allocation

What they said yesterday …

Mr Wonderful is in the game

Is #bitcoin a currency? Property? An asset? Maybe all of the above, I’m leaving with a portfolio allocation of 3% and want to invest in miners who can make coins so sustainably under a mandate of 0 carbon! https://t.co/qgAXZVZXzh

– Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) March 1, 2021

Mind bending

Billionaires don’t buy Bitcoin.

They are selling their money. #Bitcoin

– loomdart (@loomdart) March 2, 2021

It’s happening right now!

Congratulations to those who bought Bitcoin early, raised the price, and got into the hype. You managed to get Wall Street to join the mania. When I first found out about #Bitcoin, I didn’t think smart investors were stupid enough to buy. I was wrong.

– Peter Schiff (@PeterSchiff) March 1, 2021

Congratulations Cardano

MISSION COMPLETE !: We can confirm that the # Cardano ‘Mary’ protocol update was successfully applied to the # Cardano mainnet this evening at 21:44:51 UTC via a managed hard fork combinator event.

Welcome to the dawn of an exciting new multi-asset era on #Cardano $ ADA 1/4 pic.twitter.com/vk3qDrIIds

– Input output (@InputOutputHK) March 1, 2021

Crypto AM Editor writes

Bitcoin crashes for the second time in a week

Citadel billionaire questions the economic value of Bitcoin

Crypto AM: Longer reads

City AM Markets: What is Aave’s Decentralized Finance (DeFi)?

Aave: DeFi Hub latest article

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in collaboration with Ziglu

Crypto AM: Technically, in collaboration with Zumo

Crypto AM: speak legally

Crypto AM: headlights

Crypto AM: Founders Series

Crypto AM: Industry voices

Crypto AM: A Trader’s View with TMG

Crypto AM: Walk the Crypto on tiptoe with Monty Munford

Crypto AM: Definitely DeFi

Crypto AM: Recommended Events

What’s next for the crypto webinar?

Baker Botts & Team Blockchain

March 3, 2021 5:00 PM GMT

https://event.on24.com/wcc/r/3025235/72862B4A2DA17F4097395FBA84B845BF

CC forum

Global investment in sustainable development

March 31 to April 1, 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6th and 7th, 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

Warning notices

It’s definitely tempting to get swept up in the excitement, but please keep these careful words in mind: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. Note, however, that the content of this article is for informational purposes only and is not intended to be investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always recommend that you seek your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:30 GMT.