Daily market update: Fidelity president files for a new Bitcoin fund

by Team Luno
· 2 minute read

Another day, another institutional investor piling into crypto. Crypto twitter is abuzz with the news that Fidelity president and director of digital funds, Peter Jubber has filed paperwork with the US Securities and Exchange Commission (SEC) for a new fund dedicated to bitcoin. What does it mean? It means they’re taking bitcoin seriously.

With that said, here’s some serious data about bitcoin. Take it seriously.

If you’re new to the world of crypto trading, take a look through our beginner’s guide to crypto trading series, starring in-depth explorations of common strategies, market analysis techniques, and more.

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 09:00am BST

Bitcoin price

We closed yesterday, 26 August 2020, at a price of $11,488.36 – with a daily high of $11,530.05 and a low of $11,296.99.

The daily high is the lowest it’s been since 4 August, 2020. On the same date last year, the closing price was $10,370.82.

We’re 42.81% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

95.9% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $22,466,660,958 – up from $26,301,509,932 the day before.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $212,210,534,428, up from $209,942,744,481 the day before. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 88.83% of all Bitcoin. You can’t have everything, Jeff!

Fear and Greed Index

We’re back down 1 point to the Greed zone at 75. Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction.

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 61.38. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 49.33. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in price. – an RSI reading of 30 or below indicates an oversold or undervalued condition.

Resistance and support

What they said yesterday…

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