Bitcoin holding steady just below key $38,000 line
Bitcoin failed to find the support from investors it needed to maintain its momentum above $38,000. The market leader by market cap is slightly down by 0.5% at $37,710 this morning.
Ethereum is trading in line with Bitcoin, with the original smart contracts crypto in the red for around $2,031. Other large-cap cryptos have followed the market leaders into the red.
In the greater financial system, the US economy seems to be slowing in response to heightened interest rates from the Federal Reserve Bank. Governor Christopher J Waller, a member of the Federal Open Market Committee (FOMC), wrote on Tuesday: “I am encouraged by what we have learned in the past few weeks – something appears to be giving, and it’s the pace of the economy.”
Yesterday’s Crypto AM Daily
In the Markets
Total crypto market cap
🔵 $1.42 trillion
🔻 1.44%
What Bitcoin did yesterday
🔺 Daily high $38,362
🔻 Daily low $37,607
Bitcoin market capitalisation
🟠 BTC $672.406 billion
🟡 Gold $13.603 trillion
💳 Visa $506 billion
Bitcoin volume
Total spot trading volume $20.701 billion
🔻 11.36%
Ethereum staking entry queue
1 hour 4 minutes
CoinDesk Large Cap Select Index
🔻 1.76%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.
SP500
🔻 0.09%
FTSE/JSE Top 40
🔺0.48%
Fear and Greed Index
Bitcoin’s market dominance
53.19
Relative Strength Index (RSI)
56
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, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
“But I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent.”
– Governor Christopher J. Waller, FOMC member
Crypto AM: Editor’s picks
Sam Altman retakes OpenAI throne – four days after being sacked
Kraken appoints crypto entrepreneur and fintech consultant Bivu Das to drive next chapter of UK growth story
TransformBase initiative set for launch in November
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
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’
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
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.