Bitcoin and Ethereum virtually unmoved since yesterday, but the bruises are starting to show
Bitcoin and Ethereum haven’t moved much since yesterday but the damage of last week’s sell-off is clear in the week’s numbers. BTC is down 11% over seven days while ETH has dropped by 9% over the same period.
Analysts say the sell-off may have been caused by reports that SpaceX wrote down its BTC losses, leading some to believe that its founder – Elon Musk – lost confidence in the cryptocurrency. It’s reminiscent of the days when a tweet by Musk had the power to sway markets in one direction or the other.
Alt-coins are following a similar pattern to BTC and ETH, showing some stability in the last 24 hours.
Friday’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
🔻 0.14%
What Bitcoin did yesterday
🔺 Daily high $26,269
🔻 Daily low $25,998
Bitcoin market capitalisation
🟠 BTC $506,819 billion
🟡 Gold $12.65 trillion
💳 Visa $498.82 billion
Bitcoin volume
🪣 Total spot trading volume $9.595 billion
🔻 1.38%
CoinDesk Large Cap Select Index
🔻 0.11%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.
SP500
🔻 0.015%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.05
Relative Strength Index (RSI)
💪 21
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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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
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MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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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
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Crypto AM: Events
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.