Deutsche Bank and Morgan Stanley join the wave of institutions entering the crypto battle. The question arises – when will $ 50,000 for Bitcoin?
Crypto at a glance
It was an eventful weekend in the markets, but it was mainly characterized by near misses. Bitcoin came within a hair of the nose of $ 50,000, Ethereum still hasn’t quite made it past the $ 2,000 mark, and Cardano has yet to hit that dollar mark. The total market cap of all crypto markets has spent much of Valentine’s Day hovering at least just over $ 1.5 trillion, though it appears to be short-lived as we had a rocky start to the week. Overnight there were full-line follow-ups that wiped out much of that weekend’s profits. Does this morning’s setback mean some of these sights will have to wait a little longer? Is it the beginning of a major correction?
However, there was still a lot of important crypto-related news out there, especially from large financial institutions. Following BNY Mellon’s announcement on Friday that it would launch Bitcoin, reports this weekend suggest that Morgan Stanley’s $ 150 billion investment entity Counterpoint Global is considering placing a bet on Bitcoin. The aspirations of Deutsche Bank were also evident. A low-profile report by the World Economic Forum set out plans for a prototype digital asset custody system to develop: “A fully integrated custody platform for institutional clients and their digital assets that provides seamless connectivity to the broader cryptocurrency ecosystem . “
If the good news manages to keep the momentum going, watch out for Bitcoin at $ 53,680 – the price at which Bitcoin becomes a trillion dollar asset. Will this week make it?
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In the markets
The bitcoin economy
* For definitions and findings, see https://bytetree.com/insights/
What Bitcoin did yesterday
We are closed yesterday, February 14th, 2021 at a price of $ 48,717.29 – from $ 47,105.52 the previous day. This is the highest closing price in Bitcoin history.
Yesterday’s daily high was $ 49,487.64 and the daily low was $ 47,114.51. This is the highest daily high and the highest daily low in Bitcoin’s history.
Around this time last year, Bitcoin price closed the day at $ 10,312.12. In 2019 it was $ 3,616.88.
To date, buying Bitcoin has been for …
99.9% every day since April 28, 2013.
Bitcoin market capitalization
Bitcoin’s market capitalization is currently $ 884,696,479,523. In that regard, it’s just over half the market cap of Amazon with a market cap of $ 1.651 trillion.
The volume traded in the last 24 hours was $ 79,886,781,936. High volumes can indicate that a significant price move has stronger support and is more likely to last.
Bitcoin’s price volatility over the past 30 days is 86.18%.
Fear and greed index
Market sentiment remains high at Extreme Greed at 93.
Bitcoin’s dominance of the market
Bitcoin’s dominance of the market is currently 61.80. The lowest dominance ever recorded was 9/37 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is current 68.86. 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
“We don’t think BTC is a bubble. We believe that BTC will be the last working fire alarm that has not been disabled by policymakers and that it is setting off an increasingly high-pitched alarm on the USD and fiat currencies in the broader sense. We have little doubt that policymakers will attempt to disable BTC as a working fire alarm as well, but its properties make it far harder for BTC to do with BTC than they have previously done with gold. “
- Luke Gromen, Founder and President of Forest for the Trees (FFTT)
What they said yesterday …
Well trained so far
Tesla is already up around 40% compared to buying Bitcoin in US dollars.
– Pomp @ (@APompliano) February 14, 2021
Perhaps not the answers the ECB has been looking for in the comments
See, Norm understands
I was talking a little bit about BTC the other day. Since then, I’ve been inundated with people who want me to shimmer coins. I will never do that. To tell the truth, my interest in BTC is not primarily fiduciary. It’s all about the future. Now I have to pack a few bags.
– Norm Macdonald (@normmacdonald) February 14, 2021
Valentine’s Day is weird on Crypto Twitter
What did one bitcoin say to the other bitcoin?
Happy Valentine’s Day everyone!
– Dan Monocellular Held (@danheld) February 14, 2021
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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. However, do not forget The content of this article is for informational purposes only and is not intended as investment advice or in 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.
Crypto AM Daily in collaboration with Luno