Bitcoin flat as China tensions increase
The crypto markets are broadly flat this morning, with the price of bitcoin having fallen 2 per cent to $22,873 over the past 24 hours at time of writing. The Ethereum price has fallen by roughly the same amount, down to $1,621 today.
The price movements in crypto continue to echo traditional markets, with the Dow Jones Industrial Average declining 0.9 per cent on the day, while the Nasdaq Composite decreased 0.5 per cent.
The main issue dominating the economic agenda continues to be interest rates, with the UK now joining the US and others in looking to introduce record interest rate increases to combat surging inflation. There is also a new raft of geopolitical tension for markets to worry about, with China launching live military drills after US House of Representatives Speaker Nancy Pelosi defied their warnings not to visit Taiwan during her tour of four Asian countries that began on Monday.
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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
$1.064 trillion.
What Bitcoin did yesterday
We closed yesterday, August 3 2022, at a price of $22,846.51. The daily high yesterday was $23,578.65 and the daily low was $22,747.84.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $436.48 billion. To put it into context, the market cap of gold is $11.815 trillion and Tesla is $963.21 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.294 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 54.62%.
Fear and Greed Index
Market sentiment today is 34, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.97. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.93. 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
“On the inherent value argument, if you heard about new software that bundled advances in cryptography and economic theory to enable value to transfer between individuals using nothing more than the internet, you would be curious. If you heard that millions of people used it, your curiosity would probably increase.”
Charles Kerrigan, partner at international law firm CMS
What they said yesterday
Can you see a pattern?
Are you one of them?
Truly a mystery
Crypto AM: Editor’s picks
Walmart confirms it is not partnering with Litecoin
Fake news: Walmart confirms it is not partnering with Litecoin – CityAM : CityAM
Morgan Stanley to launch new research team led by Sheena Shah
Morgan Stanley to launch new crypto research team led by Sheena Shah : CityAM
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy – CityAM : CityAM
Bitcoin can now be purchased using the Post Office app
Bitcoin can now be purchased using The Post Office app – CityAM : CityAM
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Crypto AM: Features
Crypto AM: Spotlight
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
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
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