Bitcoin and Ethereum undeterred by Moscow’s sabre-rattling over crypto payments

It’s been a fascinating week of price movements across the board, with all manner of possibilities conspiring to create the narratives that people enjoy pointing the finger at and calling out as the culprit.

Truth is, you could take 10 different crypto analysts, give them 10 different narratives and it’s entirely possible that each one would pick a different answer.

One narrative that has been stuck with us for more than a month now, and looks likely to cast a shadow over the world for a long time to come is, of course, Russia’s invasion of Ukraine.

It doesn’t matter what Joe Biden or Jerome Powell say about cryptocurrency, the uncertainty, doubt and economical pressure being caused by Putin’s actions often has the potential of permeating the price of Bitcoin.

In fact, only this morning, it directly pierced the narrative when Pavel Zavalny – head of Russia’s State Duma for energy – directly named Bitcoin as a potential solution to Russia’s desperate need to sell oil and gas. While talking about fossil fuel trades with China and Turkey and referencing the rouble’s downward spiral, he said “you can also trade Bitcoins”.

It’s the first direct namecheck in this context and, while it puts Bitcoin in the spotlight, it isn’t a particularly favourable glow to be cast in.

Having said that, Moscow’s sabre-rattling over crypto has done little to destabilise Bitcoin’s current run of good form. This morning, the price of Bitcoin was holding firm above $44,500 – a move upwards of three per cent over the last 24 hours, and nearly 11 per cent across the last seven days.

Ethereum, the world’s second-largest cryptocurrency, has mirrored the pattern, and currently sits north of $3,170.

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Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/research 

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.001 trillion, up from $1.956 trillion yesterday.

What Bitcoin did yesterday

We closed yesterday, March 24 2022, at a price of $44,012, up from $42,899 the day before. The daily high yesterday was $44,212 and the daily low was $42,627. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $836.26 billion. To put it into context, the market cap of gold is $12.436 trillion and Tesla is $1.047 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $30.936 billion down from $26.694 billion the day before. 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 58.35%.

Fear and Greed Index

Market sentiment today is 47, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.59. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 62.21. 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

“With Bitcoin as the monetary network, the financial system will be cheaper, faster, more innovative, and more inclusive.”

Strike CEO, Jack Mallers

What they said yesterday

Bitcoin is a different kind of resourceful…

Sometimes it’s about how smart you work, not how hard you work…

The future looks bright…

Crypto AM: Editor’s picks

Meet the hackers helping people recover lost crypto assets

The cryptocurrency fundraisers behind Ukraine’s military effort

Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round

Crypto crazy couple name baby after favourite digital asset

Bitcoin hashrate touches new all time high

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand

Exclusive: FTSE plots development of digital asset index in crypto push

Crypto could give London a unique post-Brexit advantage, says Hammond

Diamond claws: Crypto trading hamster dies after standout investing career

Crypto AM: Features 

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

Crypto on the catwalk

Crypto AM: Events

For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube

Part One

https://www.youtube.com/watch?v=dvqNMNZTIDE

Part Two

https://www.youtube.com/watch?v=WXhX_-Tr5j0

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