Bitcoin and wider crypto markets down as US regulatory pressure continues
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XRP is the outlier today, trading up by 4% in an otherwise dampened day for crypto markets.
Bitcoin is below $27k and trading for $26,900 this morning. Ethereum and most other coins have followed as the ongoing US regulatory action against crypto has drawn investors to the sidelines.
It’s a bit of an automatic response, analysts say.
“These kinds of battles can last a very long time, so its immediate impact should not be very strong,” Matt Maley, chief market strategist at Miller Tabak + Co, told Bloomberg about the latest investigation by the Commodity Futures Trading Commission (CFTC) of a crypto exchange in the US.
“Just look at today’s action in Bitcoin. Yes, it’s down 3%, but given that it had rallied more than 40% in just two weeks, today’s decline is not really a very big one.”
The outcomes of these investigations will, however, play a big part in shaping crypto’s future, added Maley.
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 this morning was $1.127 billion.
What Bitcoin did yesterday
We closed yesterday, March 27, at a price of $27,139. The daily high yesterday was $28,037, and the daily low was $26,606.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $520.998 billion. To put it into context, the market cap of gold is $12.939 trillion and Tesla is $606.9 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $18.512 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 62.45%.
Fear and Greed Index
Market sentiment today is 59, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.62. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 55.94. 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.
Soundbite of the day
Currently, we remain firmly within a quiet patch, typical of bearish markets, early bulls, and the transitional period in between.
Glassnode, crypto analytics firm
What they said yesterday
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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.