Bitcoin flat again as investors wary of next Russia move
Bitcoin is down slightly this morning, falling 0.5 per cent at time of writing to $43,761. Ethereum has also dropped back somewhat, dipping 1.45 per cent to $3,085. The relatively stable price movements echoes that of other global financial markets, with the tech-heavy Nasdaq also broadly flat yesterday.
There generally seems to be a good deal of uncertainty among investors at the moment, shown by the market sentiment hovering between fear and greed on the Fear and Greed Index. It’s likely that many will have one eye on Russia’s next moves along the Ukraine border and at the latest inflationary news, both of which remain unresolved.
The US Federal Reserve is continuing to track rising inflation and could implement several interest rate hikes this year, according to minutes from its January meeting.
The uncertainty is also shown by seven-day average real BTC daily volume, which is currently just below $5 billion – a relatively muted level historically. The volume hasn’t changed in the previous seven days, which have been characterised by unusually low volatility. If the Bitcoin price starts to jump about a bit more, will we see increased market activity going forward?
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.961 trillion, down from $1.984 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 16 2022, at a price of $43,961.86, down from $44,575.20 yesterday. The daily high yesterday was $44,578.28 and the daily low was $43,456.69.
This time last year, the price of Bitcoin closed the day at $52,149.01. In 2020, it closed at $9,690.14.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $831.59 billion. To put it into context, the market cap of gold is $11.925 trillion and Tesla is $937.24 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $20,235 billion, down from $22.138 billion yesterday. 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 62.73%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.80. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.06. 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
“For consumer convenience, we want to accept payment in a wide variety of cryptocurrencies, just as we do in credit cards.”
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Are we?
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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