Daily market update: BlackRock CEO says Bitcoin has place in the global financial system

by Team Luno
· 3 minute read

It’s happening. The doubters are being converted one by one. This week, Laurence Fink, CEO of investment management firm BlackRock, told a panel including former Governor of the Bank of England Mark Carney that growing interest in Bitcoin could indicate it will eventually have a place in the global financial system. Last week Maisie Williams, this week Laurence Fink. Who next? Nicholas Cage? Hulk Hogan? Larry Summers? We’re excited.

Meanwhile, in the markets the price of bitcoin continues to hover around $19,000 and volumes remain high. As always, here’s your daily market update to help you on your way. If you’re new to the world of crypto, take a look through our beginner’s guide to crypto trading series to get a better idea of all these indicators, 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 08.00am GMT.

Bitcoin price

We closed yesterday, 2 December, 2020, at a price of $19,201.09 – up from $18,803.00 the day before.

The daily high yesterday was $19,308.33. The daily low, meanwhile, was $18,347.72. This time last year, the price of bitcoin closed the day at $7,321.99 and in 2018 it was $4,139.88.

We’re 4.42% below bitcoin‘s all-time high on CoinMarketCap of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

99.7% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $37,387,697,139, down from $49,633,658,712 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $356,381,007,571, up from $348,976,597,318 the day before. To put that into context, Nvidia’s market cap is $335 billion and Johnson & Johnson’s market cap is $388 billion, so Bitcoin is nicely in the middle.

Fear and Greed Index

Sentiment remains in Extreme Greed at 92 again. The index spent November in Greed, but it’s important to note that the index doesn’t stay this high very often and a correction could be on the cards.

In/Out of the money

For any address with a balance of tokens, ITB identifies the average price (cost) at which those tokens were purchased and compares it with the current price. If the current price is higher than average cost, address is ‘In the Money’. If the current price is lower than the average cost, the address is ‘Out of the Money’.

Charts provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Charts provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 63.36. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 64.32. 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.

Resistance and support

What they said yesterday…

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