Bitcoin dips below $20k as markets remain uncertain ahead of latest inflation figures
The price of Bitcoin (BTC) has dipped below $20k again, having now declined for four straight days. The largest cryptocurrency by market capitalisation is down 3.75 per cent over the past 24 hours this morning, changing hands for around $19,800.
Other major cryptocurrencies are also down this morning, with the price of Ethereum (ETH) currently down almost seven per cent to $1067. Only Polygon (MATIC) is up this morning, currently up around 3.5 per cent.
Investors are still looking to tomorrow’s release of June’s Consumer Price Index (CPI), the most widely-regarded measure of US inflation. The move should provide clues as to how the Federal Reserve’s next move on interest rates, which many analysts believe have been a major driver of price movements across financial markets this year.
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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 $880 billion.
What Bitcoin did yesterday
We closed yesterday, July 11 2022, at a price of $19,970.56. The daily high yesterday was $20,856.35 and the daily low was $19,924.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $377 billion. To put it into context, the market cap of gold is $11.444 trillion and Tesla is $728.61 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25,083 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 75%.
Fear and Greed Index
Market sentiment today is 16, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.91. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.73. 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.
Convince your Nan: Soundbite of the day
“[Bitcoin] is not a tool to be feared, but one to be embraced as an integral part of a peaceful and prosperous future.”
Saifedean Ammous, Author of The Bitcoin Standard
What they said yesterday
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Crypto AM: Events
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
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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