Bitcoin and Ethereum dip below key price levels
The majority of cryptocurrencies have opened in the red for the second consecutive day.
Bitcoin is down by more than 4%, trading below $20,000 at $19,728. Ethereum is also feeling the squeeze, trading below $1,500 for the first time this month.
The original smart contracts cryptocurrency is changing hands for $1,486 at the time of writing. Chainlink is one of the few cryptocurrencies bucking the red candles this morning, trading up 6.4% on the day and 9.2% over the last week.
Experts say growing tensions in the crypto industry, along with continuing macro pressures, may be behind the bearish sentiment in crypto markets.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $985 billion.
What Bitcoin did yesterday
We closed yesterday, November 7 2022, at a price of $20,602.82. The daily high yesterday was $21,053.25, and the daily low was $20,489.97.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $395,596 billion. To put it into context, the market cap of gold is $11.029 trillion and Tesla is $613.11 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $67,153 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 29.12%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.52. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.03. 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
“Crypto-assets have shown a remarkable evolution over the past two years that highlights their relevance for society as a whole.”
De Nederlandsche Bank, Crypto-assets: evolution and policy response report
What they said yesterday
Play the long game…
You’re never too late…
Blockchain crime doesn’t pay…
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Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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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