WallStreetBets’ drama is reaching crescendo – Bitcoin is fixing that problem. Elon seems to agree!

Crypto at a glance

It’s been a wild week in the markets, but just when you think it can’t get any wilder, in Elon Musk and a $ 6,000 pump in just over an hour. The US isn’t even awake – are we just getting started today?

How did we get here? This week’s big story was the WallStreetBets drama, which seemed to hit a crescendo yesterday when brokers like Robinhood and Webull decided to stop trading GameStop, AMC, and other stocks involved in the big Reddit Short Squeeze. The backlash has been swift and vicious across the political spectrum as well as in society, with many quickly blaming these investment vehicles, designed to enable the average Joe to trade, of running hedge funds and calling them evidence of a rigged system.

Whatever their reasoning, it was an excellent advertisement for cryptocurrency and decentralization. This is one of the rare situations Bitcoin actually fixes this.

Enter Friday morning that started with big climbs across the board. Bitcoin is up nearly $ 6,000 in just over an hour – possibly the fastest jump in its history. Is this rapid rise part of the Robinhood backlash? Does it all stem from Elon Musk’s decision to make his Twitter bio just “Bitcoin”? Will any coins mimic Dogenes’ ridiculous 200% profit in the last hour? It’s 2021, anything could happen. Hold on to your hats and, more importantly, hold on to your wallets – research your investments and don’t make rash decisions no matter how much excitement is in the air.

In the markets

The bitcoin economy

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

What Bitcoin did yesterday

We were closed yesterday, January 28th, 2020 at a price of $ 31,649.61 – from $ 30,432.55 the previous day.

Yesterday’s daily high was $ 31,891.30 and the daily low was $ 30,023.21.

Around this time last year, Bitcoin closed the day at $ 9,358.59. In 2019 it was $ 3,470.45.

To date, buying Bitcoin has been for …

99.9% every day since April 28, 2013.

Bitcoin market capitalization

Bitcoin’s market capitalization is currently $ 684,969,969,599, from $ 583,723,872,144 yesterday. GameStop’s market capitalization is currently $ 13.5 billion, Nokia is $ 21.52 billion and BlackBerry is $ 8.14 billion. Tesla’s market cap is $ 791.9 billion, another $ 100 billion before flipping again.

Bitcoin volume

The volume traded in the last 24 hours was $ 92,201,770,546from $ 67,576,798,880 yesterday. High volumes can indicate that a significant price move has stronger support and is more likely to last.

volatility

Bitcoin’s price volatility over the past 30 days is 99.04%.

Fear and greed index

The mood index continues its bombastic phase and rises again into extreme greed – from 55 yesterday back to 77. Where to next? Nobody knows. Spin the wheel.

Bitcoin’s dominance of the market

Bitcoin’s dominance of the market is currently 65.88. The lowest dominance ever recorded was 9/37 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is current 60.58. 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.

Google trends

The trend in Google searches over the past 90 days. Google displays this graph on a relative basis with a maximum score of 100 on the day Google searched for that keyword the most. The newest score is 36 – Taken from January 26th.

Convince your Nan: Soundbite of the day

What they said yesterday …

MicroStrategy announces its bold corporate vision – HODL

“For the future, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore different approaches to acquiring additional bitcoin as part of our overall corporate strategy. “Https://t.co/RNs8E0XF6J

– Michael Saylor (@michael_saylor) January 28, 2021

Welcome

They were just looking for an excuse to be fair

Wall Street just brought an entire generation to #bitcoin.

This is BULLISH.

– Layah Heilpern @ (@LayahHeilpern) January 28, 2021

It’s happening right now

Elon Musk added #bitcoin to his biography and pumped the price up by 12%, holy crap….

– Lark Davis (@TheCryptoLark) January 29, 2021

Crypto AM: Longer reads

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

Crypto AM: Market View in collaboration with Ziglu

Crypto AM: Technically, in collaboration with Zumo

Crypto AM: Talking Legal in collaboration with INX

Crypto AM is once again focusing on CUDOS

Crypto AM: Founders Series

Crypto AM: Industry voices

Crypto AM: Deeper Dives with Liam Roche

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

The Davos agenda

January 25-29, 2021 – Virtual

https://www.weforum.org/events/the-davos-agenda-2021

6th edition Global Blockchain Conference

February 9, 2021 – Dubai

https://agoragroup.ae/events/global_blockchain_congress_6th_edition

Global DeFi Conference

February 10, 2021 – Dubai

https://agoragroup.ae/events/global_defi_congress%20

CC forum

Global investment in sustainable development

March 3-4, 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6-7, 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. 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