Bitcoin and Ethereum struggling to keep a grip on key price levels
Bitcoin started the week slow at $26.25k, virtually unmoved from yesterday and inching upward by 0.34%.
The market leader is down by roughly 2.3% over seven days while Ethereum (ETH) is trading below the key level of $1.6k and is following a similar pattern as Bitcoin.
The global economy continues to feel the impact of heightened interest rates. Jamie Dimon of JPMorgan recently noted in an interview that continued rate hikes by the Federal Reserve will put pressure on “the system”.
“Going from zero to 2% was almost no increase. Going from zero to 5% caught some people off guard, but no one would have taken 5% out of the realm of possibility,” Dimon said, during an interview with the Times of India.
“I am not sure if the world is prepared for 7%,” he added.
Risk assets such as crypto and stocks tend to take strain in a heightened interest rate environment.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.05 trillion
🔺 0.48%
What Bitcoin did yesterday
🔺 Daily high $26,423
🔻 Daily low $26,013
Bitcoin market capitalisation
🟠 BTC $512.46 billion
🟡 Gold $12.736 trillion
💳 Visa $488.91 billion
Bitcoin volume
🪣 Total spot trading volume $10.46 billion
🔻 0.46%
SP500
🔺 0.4%
FTSE/JSE Top 40
🔺 0.37%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.91
Relative Strength Index (RSI)
💪 54
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
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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
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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.