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Bitcoin breaks $55k again as JP Morgan changes tune Crypto at a glance Bitcoin saw its fourth straight daily gain yesterday, as the largest cryptocurrency climbed briefly past $55,000 late in the day. A stumble overnight saw the price fall as much as 2.1% back down to $53,500, though normal service was swiftly resumed and it’s again changing hands at around $55,000 at time of writing. Can Bitcoin now test the record high it set last month? It seems everyone is coming round to the idea of Bitcoin at the moment. Even long-time crypto sceptic and America’s largest bank, JPM...

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, th...

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 la...

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 ...

As we discussed with our  “The good news is that the S&P 500 held its 50-dma during its recent selloff. With the market getting back to more oversold levels, we are likely to see a counter-trend rally for a few days that could get us back above the 20-dma.  It will be necessary for the rally to set new highs to negate the “head and shoulders” pattern. If the market rallies, fails, and breaks the neckline, we could well see a deeper correction ensue.” There is an important caveat to this analysis. The start of  “head and shoulder” patterns occurs with quite some regularity dur...