Bitcoin bounces back after biggest US rate rise in quarter century
The Bitcoin price has recovered somewhat over the past 24 hours, rising to just below $22k again this morning. That’s a seven per cent increase since this time yesterday at time of writing. The largest cryptocurrency by market capitalisation fell to within touching distance of $20k yesterday, before bouncing back.
The news follows the US Federal Reserve’s widely-anticipated announcement on interest rates on Wednesday morning. As speculated by many before the event, the US central bank did hike rates by three-quarters of a percentage point, the highest increment since 1995. The crypto price recovered shortly after Federal Reserve Chair Jerome Powell made his announcement.
Other major cryptocurrencies have also seen an uptick over the start of the week, with the price Ethereum, Litecoin, Uniswap and others rising in double figures. They’re still nowhere near the levels seen just a week ago, but are we now seeing a change in momentum?
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $934 billion.
What Bitcoin did yesterday
We closed yesterday, June 15 2022, at a price of $22,572.84. The daily high yesterday was $22,642.67 and the daily low was $20,178.38.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $415 billion. To put it into context, the market cap of gold is $11.65 trillion and Tesla is $724.17 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $47,971 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 67.97%.
Fear and Greed Index
Market sentiment today is 7, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.41. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 23.60. 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.
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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
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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.
All information is correct as of 08:00 BST