Bitcoin stabilizes after Fed announcement


The price of Bitcoin has fallen by around 2% since yesterday morning, although it continues to hold above $ 61,000.

The big news yesterday was the announcement by the US Federal Reserve of its intention to gradually reduce the unprecedented $ 120 billion per month bond purchases currently being made as part of its monetary stimulus package, known as the name quantitative easing (QE).

Commentators argue that QE has boosted supposedly “riskier” financial assets, such as cryptocurrencies.

The price of Bitcoin fell around 5% on the announcement, although an almost immediate rally led analysts to suggest the move was already integrated.

Elsewhere, Ethereum is also down around 2% after hitting new all-time highs yesterday.

The big winners over the past 24 hours are Solana, which is up 2%, and Avalanche (AVAX), which is up 9%. Both have increased by around 20% in the past seven days. Although it has fallen slightly this morning, the total value of all cryptocurrencies combined is now greater than that of the dozen of the world’s largest banks.

Would you like to help spread Bitcoin adoption and education in the UK and even stack Sats while you do? Well, now you can!

The Bitcoin pioneers The community, supported by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members across the UK.

We share tips, stories, and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to Luno’s support, each Pioneer gets £ 500 worth of Bitcoin per month to share with newbies, helping them get started.

So, if you are passionate about Bitcoin, why not join us today? Click here to know more !

All comments on Crypto AM Daily in association with Luno are welcome by email at [email protected] 🙏🏻

Crypto AM Daily yesterday in association with Luno

Bitcoin price

On the stairs

The Bitcoin Economy

* Definitions and information 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 $ 2,732,700,518,046, compared to $ 2,739,462,541,555 yesterday.

What Bitcoin Did Yesterday

We closed yesterday, November 3, 2021, at a price of $ 62,970.05, compared to $ 63,226.40 the day before. Yesterday’s daily high was $ 63,516.94 and the daily low was $ 61,184.24.

Around the same time last year, the price of Bitcoin closed the day at $ 14,133.71. In 2019, it closed at $ 9,412.61.

Bitcoin market capitalization

Bitcoin’s market cap at the time of writing is $ 1.178 trillion. To put it in context, the market cap of gold is $ 11.262 billion and Meta (Facebook) is $ 922.48 billion.

Bitcoin volume

The total volume of spot transactions reported by all exchanges in the last 24 hours was $ 35,280,203,795 yesterday, compared to $ 36,556,277,711 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be supported.

Volatility

Bitcoin price volatility over the past 30 days is 39.63%.

Index of fear and greed

Market sentiment today is 73.

The domination of the Bitcoin market

The dominance of the Bitcoin market today is 43.15. His lowest dominance on record was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 59.27. Values ​​of 70 or more indicate that an asset is becoming overbought and may be ready for a trend reversal or price correction – an RSI reading of 30 or less indicates an oversold or undervalued condition.

Convince Your Nan: Soundbite of the Day

“The best developers in the world are part of the Bitcoin community. ”

Kevin O’Leary, Canadian businessman, author, politician and television personality

What they said yesterday

For your reading …

Growth…

Almost instantly…

Crypto AM: Editor’s Picks

NFT to Fund New Cryptocurrency Movie

Matt Damon becomes latest celebrity to endorse cryptocurrency

Bank of England: crypto regulation must be pursued as a matter of urgency

Select committee hears Bank of England on costs and benefits of UK EU membership
(Getty Images)

Former Chancellor Philip Hammond Joins Crypto Startup Copper

Philip Hammond joins Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto startup Copper (Photo by Jeff J Mitchell / Getty Images)

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to become Bitcoin legal tender, mined over £ 200 of BTC using volcanic energy (Photo by Sean Gallup / Getty Images)

Bitcoin explodes but Hong Kong-listed crypto stocks slide amid China’s crackdown

Hong Kong's first Bitcoin meter opens to the public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at biggest ever peak

Cardano says it will make
(Getty Images)

Binance investigates suspected insider trading

Changpeng Zhao CEO of Binance
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in the first 24 hours

Cardano Coin
(Getty Images)

Crypto AM: Features

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: voice of the industry

Crypto AM: Contributors

Crypto AM: In conversation with James Bowater

Crypto AM: The Money of Tomorrow with Gavin S Brown

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 Crypto With Monty Munford

Crypto AM: Remove One Byte From Digital Assets With Jonny Fry

Crypto AM: Parliamentary Special

First part of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two …

Day three …

Day four …

Fifth day…

Crypto AM: events

Cautionary Notes

It is certainly tempting to get carried away by the excitement, but please heed these warning words: do your own research, invest only what you can afford, and make the right decisions. The indicators in this article will hopefully help you. Remember though, The content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always advise you to get your own independent financial advice before investing or trading in cryptocurrency.

All information correct at 08:00 BST




About Alexander Estrada

Check Also

Is Alibaba a buy after its recent gains?

Alibaba Group Holding Limited (BABA) is the largest e-commerce retailer in China, with 12-month revenue …

Leave a Reply

Your email address will not be published.