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Daily Briefing: Bitcoin breaks $29k before retracing
Team Luno
The price of Bitcoin (+0.30%) pushed past $29k this morning before finding its feet around $28,600 at the time of writing. Ethereum (-1.11%) continues to trade just above $1,800. The majority of other third-generation coins are either trading flat or in the red today.
The markets are positioning themselves for the latest GDP numbers from the US, expected later today. “The thought is if this data comes in weaker than expectations, then it will give (Federal Reserve Chair) Powell enough evidence to pause further rate raises,” James Lavish, managing partner at the Bitcoin Opportunity Fund, told CoinDesk. The crypto publication noted that the CME FedWatch Tool showed that currently over 62% of traders predict that the US central bank will not raise its interest rate in its May monetary policy meeting, which analysts generally see as good news for risk-on investments.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $28,609.64 | +0.30% | +3.23% |
| Ethereum (ETH) | $1,800.47 | -1.11% | +2.51% |
| XRP (Ripple) | $0.5331 | -6.15% | +19.90% |
| Litecoin (LTC) | $90.58 | -2.27% | +3.25% |
| Bitcoin Cash (BCH) | $123.22 | -0.61% | -3.83% |
| Chainlink (LINK) | $7.37 | +1.79% | +0.70% |
| Uniswap (UNI) | $5.91 | -1.58% | -4.24% |
| Cardano(ADA) | $0.3777 | -1.86% | +1.01% |
| Solana(SOL) | $20.90 | -2.52% | -3.85% |
| Avalanche (AVAX) | $17.24 | -0.49% | +0.08% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.190 billion.
What Bitcoin did yesterday
We closed yesterday, March 29, at a price of $28,348. The daily high yesterday was $28,619, and the daily low was $27,259.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $555.308 billion. To put it into context, the market cap of gold is $12.985 trillion and Tesla is $613.45 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22,736 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 63.04%.
Fear and Greed Index
Market sentiment today is 60, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.97. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.89. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
When I came up with Ethereum, my first first thought was, ‘Okay, this thing is too good to be true.’ As it turned out, the core Ethereum idea was good – fundamentally, completely sound.
-Vitalik Buterin, Ethereum co-founder
What they said yesterday
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🧐
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29/03/23
Conversations of possible new consolidation around $25k were still fresh as Bitcoin (+3.88%) let go of a few key levels this week, when the market leader made another push above $28k this morning, trading for $28,094 at the time of writing. Ethereum (+4.53%) is also back above $1,800, possibly lifted by the CFTC repeating that they see Ethereum as a commodity rather than a security, as noted by CoinDesk. Other coins are also well in the green today, buoyed by renewed investor interest.
Will Bitcoin find firm footing around $28k and go to $30k, or are we in for another trip below this key level?
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $28,094.86 | +3.88% | -0.51% |
| Ethereum (ETH) | $1,807.21 | +4.53% | +0.53% |
| XRP (Ripple) | $0.5449 | +11.88% | +18.65% |
| Litecoin (LTC) | $92.22 | +5.57% | +13.27% |
| Bitcoin Cash (BCH) | $123.11 | +1.29% | -7.29% |
| Chainlink (LINK) | $7.14 | +3.65% | -5.30% |
| Uniswap (UNI) | $5.99 | +5.21% | -6.55% |
| Cardano(ADA) | $0.3799 | +8.23% | +0.02% |
| Solana(SOL) | $21.19 | +5.89% | -5.73% |
| Avalanche (AVAX) | $17.17 | +3.48% | -1.51% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.178 billion.
What Bitcoin did yesterday
We closed yesterday, 28 March, at a price of $27,268. The daily high yesterday was $27,460, and the daily low was $26,677.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $541.480 billion. To put it into context, the market cap of gold is $12.939 trillion and Tesla is $598.61 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $19.373 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 62.49%.
Fear and Greed Index
Market sentiment today is 57, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.49. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.45. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker.
-Hal Finney, one of the first Bitcoin developers, commenting on proof of work
What they said yesterday
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28/03/23
XRP is the outlier today, trading up by 4% in an otherwise dampened day for crypto markets. Bitcoin (-3.38%) is below $27k and trading for $26,955 at the time of writing. Ethereum (-3.10%) and most other coins have followed as the ongoing US regulatory action against crypto has drawn investors to the sidelines. It’s a bit of an automatic response, analysts told Bloomberg. “…These kinds of [legal] battles can last a very long time, so its immediate impact should not be very strong,” Matt Maley, chief market strategist at Miller Tabak + Co, commented to Bloomberg about the latest investigation by the Commodity Futures Trading Commission (CFTC) of a crypto exchange in the US. “Just look at today’s action in Bitcoin. Yes, it’s down 3%, but given that it had rallied more than 40% in just two weeks, today’s decline is not really a very big one.” The outcomes of these investigations will, however, play a big part in shaping crypto’s future, Maley said.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $26,955.00 | -3.38% | -3.34% |
| Ethereum (ETH) | $1,711.88 | -3.10% | -2.30% |
| XRP (Ripple) | $0.4737 | +4.15% | +23.55% |
| Litecoin (LTC) | $86.55 | -6.55% | +9.37% |
| Bitcoin Cash (BCH) | $120.19 | -3.16% | -8.74% |
| Chainlink (LINK) | $6.82 | -5.06% | -4.51% |
| Uniswap (UNI) | $5.60 | -2.92% | -10.09% |
| Cardano(ADA) | $0.3458 | -1.91% | +1.69% |
| Solana(SOL) | $19.74 | -4.18% | -12.45% |
| Avalanche (AVAX) | $16.41 | -3.05% | -1.82% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.127 billion.
What Bitcoin did yesterday
We closed yesterday, 27 March, at a price of $27,139. The daily high yesterday was $28,037, and the daily low was $26,606.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $520.998 billion. To put it into context, the market cap of gold is $12.939 trillion and Tesla is $606.9 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $18.512 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 62.45%.
Fear and Greed Index
Market sentiment today is 59, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.62. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 55.94. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Currently, we remain firmly within a quiet patch, typical of bearish markets, early bulls, and the transitional period in between.
-Glassnode, crypto analytics firm
What they said yesterday
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27/03/23
Bitcoin (+0.95%) is trading largely flat this morning around $28k while Ethereum (+0.45%) is in the same boat at $1,764. The rest of crypto is waiting to see what the market leaders do in the coming weeks as regulatory scrutiny of crypto in the US continues, say the analysts.
The market is still fairly bullish, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, told CoinDesk, even after the Fed’s latest rate hike announcement last week. “For now, the bulls will want to see Bitcoin respecting $25K and consolidating above that level,” he said. “Given some time with such price action, we may see altcoins starting to rally again.”
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $27,946.98 | +0.95% | -1.19% |
| Ethereum (ETH) | $1,764.78 | +0.45% | -1.13% |
| XRP (Ripple) | $0.4657 | +0.64% | +21.51% |
| Litecoin (LTC) | $92.40 | -1.33% | +11.94% |
| Bitcoin Cash (BCH) | $122.88 | -2.48% | -10.73% |
| Chainlink (LINK) | $7.16 | -1.09% | -1.12% |
| Uniswap (UNI) | $5.76 | -0.31% | -10.83% |
| Cardano(ADA) | $0.3511 | -2.07% | +1.83% |
| Solana(SOL) | $20.62 | -0.89% | -11.71% |
| Avalanche (AVAX) | $16.84 | -1.37% | -3.87% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.161 trillion.
What Bitcoin did yesterday
We closed yesterday, 26 March, at a price of $27,994. The daily high yesterday was $28,178, and the daily low was $27,445.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $539.927 billion. To put it into context, the market cap of gold is $13.125 trillion and Tesla is $608.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $14.495 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 61.72%.
Fear and Greed Index
Market sentiment today is 64, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.76. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.38. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Bitcoin is viewed more as digital #gold in a world going that way and may be moving on from excessive speculation. The 2023 global banking crisis and rising potential for a significant economic reset may mark an inflection…
-Mike McGlone, Bloomberg analyst
What they said yesterday
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24/03/23
Bitcoin (+1.44%) has again reclaimed the key $28k level after yesterday’s brief interlude in $27k territory. The market leader is trading for $28,071 at the time of writing, while Ethereum (+2.35%) is trading just shy of $1.8k at $1,795. Analysts say that Bitcoin’s resilience to the recent interest rate hike and troubles in the banking sector, even as regulatory scrutiny of crypto intensifies, may be a sign that many investors see it as a store of value in an increasingly volatile market.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $28,071.71 | +1.44% | +7.51% |
| Ethereum (ETH) | $1,795.40 | +2.35% | +4.57% |
| XRP (Ripple) | $0.4283 | -3.11% | +15.89% |
| Litecoin (LTC) | $92.78 | +4.96% | +13.28% |
| Bitcoin Cash (BCH) | $128.31 | +0.21% | -0.89% |
| Chainlink (LINK) | $7.39 | -0.11% | +6.69% |
| Uniswap (UNI) | $5.98 | -3.09% | -1.71% |
| Cardano(ADA) | $0.3627 | -2.82% | +8.40% |
| Solana(SOL) | $21.64 | -0.39% | +7.78% |
| Avalanche (AVAX) | $17.21 | -0.48% | +5.03% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.179 trillion.
What Bitcoin did yesterday
We closed yesterday, 23 March, at a price of $28,333. The daily high yesterday was $28,729, and the daily low was $27,183.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $542.659 billion. To put it into context, the market cap of gold is $13.125 trillion and Tesla is $608.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $23.043 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 63.05%.
Fear and Greed Index
Market sentiment today is 61, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.32. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 65.46. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Every [person] with a node is CEO, every miner, every buyer, every hodler, every dev. And there is a huge line of “unrealized” CEOs with different due dates.
-Valentin, anon Twitter user
What they said yesterday
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🤔
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23/03/23
The Federal Reserve raised interest rates by 0.25% yesterday but there was a notable change in tone from its previous hawkish wording of “ongoing increases” to a slightly more dovish, “some additional policy firming”.
As Reuters reports, Jerome Powell and his colleagues at the Fed are taking a more cautious stance amid the current banking turmoil in the US. “We’ll be looking to see how serious this is and does it look like it’s going to be sustained,” Powell said yesterday of the banking crisis. “It could easily have a significant macroeconomic effect, and we would factor that into our policies.” One more 0.25% rate hike has been set for the end of the year.
The rate-sensitive crypto markets reacted to the hike in the same way it often has in the past. The price of Bitcoin (-1.64%) dropped below $28k and is trading for $27,675 this morning. Ethereum is similarly down around 2%, dropping below $1,8k. Apart from Litecoin (+9.32%), the majority of other cryptos are in the red this morning.
Another visit below Bitcoin’s $27k resistance level could spell a deeper drawdown, Alex Kuptsikevich of FxPRo told CoinDesk, but a move above $28.5k could take the price to $30k. “The range of expectations is incredibly wide,” he said.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $27,675.24 | -1.64% | +12.80% |
| Ethereum (ETH) | $1,754.79 | -1.87% | +6.23% |
| XRP (Ripple) | $0.4427 | -1.94% | +21.85% |
| Litecoin (LTC) | $88.34 | +9.32% | +12.19% |
| Bitcoin Cash (BCH) | $127.98 | -3.34% | +2.24% |
| Chainlink (LINK) | $7.40 | -0.39% | +12.07% |
| Uniswap (UNI) | $6.17 | -2.80% | +4.48% |
| Cardano(ADA) | $0.373 | +0.25% | +14.59% |
| Solana(SOL) | $21.70 | -2.27% | +11.48% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1,161 trillion.
What Bitcoin did yesterday
We closed yesterday, 22 March, at a price of $27,307. The daily high yesterday was $28,803, and the daily low was $26,760.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $534.418 billion. To put it into context, the market cap of gold is $13.05 trillion and Tesla is $604.81 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31.846 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 64.34%.
Fear and Greed Index
Market sentiment today is 57, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.21. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.33. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Bitcoin is good for the world. And it’s especially good for the developing world. It’s the first major technology in history to disproportionately help those who need it most.
-Marc Andrew, Founder and investor
What they said yesterday
✍️
🤔
👀
22/03/23
The support that Bitcoin (+2%) was missing yesterday to sustain $28k seems to have come to the party as the market leader trades comfortably above this key level at $28,209 this morning. Ethereum has rallied by 3% to trade around $1,800.
While Bitcoin and US banks have been the centre of conversation in past weeks, Cardano and XRP have silently been collecting large green candles. Cardano is trading up by 14% this morning and 10% in the last week. XRP had a big day, adding 20% to its price in the last 24 hours.
It’s a big day for traditional and DeFi markets – and the global economy – as the Federal Reserve is set to announce its latest interest rate hike. Fed Chair Jerome Powell has to walk the tightrope of bringing down inflation by raising rates without further damaging the economy and the financial sector, as analysts continue to point out.
“This is probably the toughest decision the Fed has had to make in a while,” Ryan Sweet, chief economist at Oxford Economics, told the BBC. Sweet is expecting a 0.25 percentage point increase. Investors will be watching closely.
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $28,209.29 | +2.27% | +12.90% |
| Ethereum (ETH) | $1,793.31 | +3.30% | +4.88% |
| XRP (Ripple) | $0.4559 | +17.98% | +21.88% |
| Litecoin (LTC) | $81.09 | +3.79% | -3.39% |
| Bitcoin Cash (BCH) | $132.37 | +3.86% | +0.58% |
| Chainlink (LINK) | $7.48 | +8.17% | +5.58% |
| Uniswap (UNI) | $6.38 | +4.15% | -0.43% |
| Cardano(ADA) | $0.3758 | +12.60% | +8.81% |
| Solana(SOL) | $22.31 | +1.85% | +4.72% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.183 trillion.
What Bitcoin did yesterday
We closed yesterday, 21 March, at a price of $28,175. The daily high yesterday was $28,439, and the daily low was $27,439.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $543,893 billion. To put it into context, the market cap of gold is $12.792 trillion and Tesla is $625.16 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,297 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 63.89%.
Fear and Greed Index
Market sentiment today is 62, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.40. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
We all sense a paradigm shift. Nobody knows what the financial system will look like on the other side of this, but here’s my hope: it’s far better capitalized and stable, far more liquid (banks will hold A LOT more cash), and offers far better tech (the anti-tech regulatory push will have failed, as people will have voted with their feet to better, faster & cheaper payments & more stable tech systems-yes, including bitcoin.)
-Caitlin Long, CEO and founder of Custodia Bank
What they said yesterday
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