Bitcoin flat, but will September bring improved fortunes?
The price of Bitcoin is down slightly this morning, again dipping below $20k. The largest cryptocurrency by market capitalisation is changing hands for $19,887 – a drop of 1.62 per cent since this time yesterday.
The latest fall means the price of Bitcoin has dipped more than 13 per cent in August and nearly 20 per cent since a rally two weeks ago, when lower-than-expected inflation figures in the US raised hopes significant interest rate rises might be curtailed. Hopes that have since been dashed, at least for now. Will September see an improvement?
Other major cryptocurrencies and financial markets are also down slightly over the past 24 hours. The price of Ethereum has slipped 1,73 per cent to $1,544. The tech-focused Nasdaq index and S&P 500 fell 0.6 per cent and 0.8 per cent respectively.
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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 $970.264 billion.
What Bitcoin did yesterday
We closed yesterday, August 31 2022, at a price of $20,049.76. The daily high yesterday was $20,420.99 and the daily low was $19,799.58.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $380.76 billion. To put it into context, the market cap of gold is $11.314 trillion and Tesla is $857.42 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31.114 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 39.17%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.16. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.13. 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
“Encryption works. Properly implemented strong crypto systems are one of the few things that you can rely on.”
Edward Snowden, Author
What they said yesterday
Is there anything that can’t?
Don’t trust. Verify.
Are you one of them?
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Crypto AM: Features
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 on the catwalk
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