Bitcoin gains a foothold after last week’s stumble
Bitcoin has finally found some green candles after spending most of last week in the red.
The leading crypto by market cap is trading firmly above $27k this morning, with Ethereum back up above the key level of $1,8k.
The rest of the crypto markets have also been buoyed by number one and two’s strong start to the week, with a special mention for Litecoin and Bitcoin Cash, which in the last 24 hours gained 7% and 5%, respectively.
The US Consumer Sentiment Index dropped to a six-month low amid the ongoing interest rate squeeze. These latest findings from last week were coupled with other inflation data from the US showing a marked slowdown in consumer and producer price increases, all signs of inflation being tempered, say analysts.
Friday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.143 billion.
What Bitcoin did yesterday
We closed yesterday, May 14, at a price of $26,930. The daily high yesterday was $27,150, and the daily low was $26,661.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $531.180 billion. To put it into context, the market cap of gold is $13.351 trillion and Tesla is $534.18 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $12.887 billion.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.98. 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.
Soundbite of the day
[It] would disrupt a significant portion of the operations in the financial markets which have been well-functioning for many years.
JP Morgan commenting on the SEC’s recent regulatory proposals
What they said yesterday
Take notes…
Cryptographically secured…
Never gets old…
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Crypto AM: Editor’s picks
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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
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.