Altcoins drop as JPMorgan holds Bitcoin price assessment
The price of Bitcoin remains flat this morning, with low trading volume suggesting there is still indecision among investors about where we will go next.
The leading cryptocurrency is currently down around one per cent to around $29,200 at time of writing. However, most alternative cryptocurrencies are trading lower, with the Ethereum price down almost eight per cent to just above $1,800 as investors continue to move away from assets considered riskier options.
Other major digital assets such as Solana are down 10 per cent or more. The decline follows the release yesterday of minutes from the recent US Federal Reserve committee meeting, which indicated that multiple 50 basis point interest rate increases could occur over the next several meetings.
Despite the recent slump, it appears many institutional investors are confident that this could be an opportunity. Banking giant and former crypto sceptic JPMorgan said this week maintained its estimate of Bitcoin’s fair value at $38,000, with the bank reiterating the assessment it gave the asset in February when the cryptocurrency was trading around $43,400.
Does this mean investors are getting a bargain at current prices, or are models off the mark?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.247 trillion.
What Bitcoin did yesterday
We closed yesterday, May 25 2022, at a price of $29,562.36. The daily high yesterday was $30,157.78 and the daily low was $29,384.95.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $561.64 billion. To put it into context, the market cap of gold is $11.717 trillion and Tesla is $682.52 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.569 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 54.24%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.04. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.01. 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.
Convince your Nan: Soundbite of the day
“I consider Bitcoin an insurance policy against financial catastrophe.”
Bill Miller, Fund Manager
What they said yesterday
Just a matter of time…
The more the merrier…
Is the tide turning?
Crypto AM: Editor’s picks
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST