Bitcoin recovery stalls as global stock markets take a battering
Crypto at a glance
Bitcoin’s recovery from last week’s losses has stalled again, with the leading cryptocurrency dropping back down to $47,000 after regaining the $50,000 level.
The stutter comes as the traditional stocks and bonds markets in general took a hammering yesterday, prompted by US Federal Reserve Chair Jerome Powell’s acknowledgement that he “would be concerned” by the impact of rising US government-bond yields on borrowing costs.
During the early stages of the COVID pandemic last year, there was a strong correlation between Bitcoin and traditional markets – are we seeing a re-emergence of this trend?
We closed yesterday, March 3 2021, at a price of $50,538.24 – up from $48,378.99 the day before. That’s the first time Bitcoin has closed above $50,000 since 22 February.
The daily high yesterday was $52,535.14 and the daily low was $48,274.32.
This time last year, the price of bitcoin closed the day at $8,787.79. In 2019, it was $3,847.18.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is
$939,419,922,465, down from $942,335,371,742 yesterday. That means it is still the eighth largest asset in the world, above Tencent and Facebook. The total market cap of gold is $10.873 trillion at time of writing. Getting closer!
Bitcoin back above $51,000 and Ethereum/AWS tie-up could mean big innovation
Crypto at a glance
The market continued to look choppy yesterday, though it seems the momentum is still very much on Bitcoin’s side and we’re back percolating at around $51,000 again.
The largest cryptocurrency is still some way off last month’s all-time high price above $58,000, but the conditions are arguably more favourable for a more sustained price move this time around.
Last week’s correction took a lot of the heat out of the market and the US stimulus bill is likely to be approved in the next two weeks, although falling volumes may be a cause for concern.
Cardano hard fork ‘Mary’ proudly announced while the Saylor Musk saga keeps on turning
It all seems to have calmed down a bit after the volatility earlier this week.
The price has now stabilised at around the $50,000 level for the time being, MicroStrategy has bought yet
more Bitcoin to bring its total haul up to over 90,000 BTC, and Elon Musk is tweeting about Doge again. It’s just a normal sunny day in the cryptosphere.
There’s a lot to watch out for on the horizon, though. US stimulus checks are coming up and, according to Deutsche Bank strategists, they could unleash a $170 billion wave of fresh retail inflows to the stock market.
Tether settles with the NYAG and Square buys the dip, sparking rapid recovery for crypto markets
Crypto at a glance
Was that the dip? Just when it looks like you’re going to be able to buy crypto at a huge discount, bam! Yet another corporate giant starts buying and it’s back up we go. Can the recovery now be sustained? Is $50,000 the new bottom for BTC?
After Monday’s drama saw Bitcoin plunge to as low as $45,000, a stream of good news yesterday has since seen the leading cryptocurrency bounce back almost immediately and it’s now stabilised above $50,000 again.