Bitcoin and Ethereum seeing upward movement following unexpected dip after promising US inflation figures
Bitcoin was down to $30,300 early this morning – a fall one per cent in 24 hours – but signs of a potential bounce are just starting to show around $30,550.
Ethereum is following a similar trading pattern, and was down around half a per cent on yesterday at $1,880 having fallen to $1,862 in the early hours.
The two leading cryptocurrencies by market cap improved in the hours following the Consumer Price Index numbers coming in lower than expected yesterday, but it was short lived. Consumer prices recorded the smallest monthly gain since August 2021. Could this mean that the US is now in disinflation mode?
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.18 trillion
What Bitcoin did yesterday
🌄 Closed $30,391
🔺 Daily high $30,959
🔻 Daily low $30,228
Bitcoin market capitalisation
🟠 BTC $589.963 billion
🟡 Gold $12.969 trillion
💳 Visa $507.28 billion
Bitcoin volume
🪣 Total spot trading volume $14.467 billion
SP500
🌅 24hrs +0.74%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.48
Relative Strength Index (RSI)
💪 50.66
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
“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
Geoff Kendrick, FX analysts at Standard Chartered
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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.