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.