Big trading day for Bitcoin, overshadowed by fake news of BTC ETF approval
Bitcoin was up 7% at one point yesterday, trading for just shy of $30k, only to retrace back to $28k shortly after. It’s hovering around the $28.2k level this morning, still in the green by 1.3%.
Ethereum (Ether) is up by less than a percentage point, still trading below the key threshold of $1.6k. Solana (SOL) is another noteworthy mention, having gained 6% in the last 24 hours.
The Bitcoin spot trading volume jumped 117% in the last day, a spike which many analysts have connected to a false statement on X (formerly Twitter) about the approval of a BTC spot ETF, an indication of the anticipation around this event.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.09 trillion
🔺 0.64%
What Bitcoin did yesterday
🔺 Daily high $29,969
🔻 Daily low $27,119
Bitcoin market capitalisation
🟠 BTC $551.536 billion
🟡 Gold $12.75 trillion
💳 Visa $499.29 billion
Bitcoin volume
🪣 Total spot trading volume $25.594 billion
🔺 117%
Ethereum staking entry queue
💎2 hours 43 minutes
CoinDesk Large Cap Select Index
🔺 1.11%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.
SP500
🔺 1.06%
FTSE/JSE Top 40
🔺 0.69%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.77
Relative Strength Index (RSI)
💪 64
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, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
This morning an erroneous report posted on X (formerly Twitter) sent Bitcoin prices momentarily soaring to $30K, only to plummet as the report was swiftly debunked. This incident brings to light the high anticipation and speculation regarding the pending SEC decision on a bitcoin spot ETF. – Steve Larsen, Founder of Columbia Advisory Partners
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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.