Bitcoin holds above $20k ahead of US inflation meeting
There was little relief in the crypto markets again yesterday, with Bitcoin showing limited signs of a recovery. The leading cryptocurrency is currently changing hands for just above the $21k level, down another five per cent over the past 24 hours.
Other major cryptocurrencies have also struggled to regain the ground lost in Monday’s sell-off, with Ethereum dropping another seven per cent since this time yesterday. The second-largest cryptocurrency is currently trading for around $1,130. Stocks were calmer after the previous day’s battering, with the S&P 500, Dow Jones Industrial Average and Nasdaq all roughly flat.
The main event investors are watching out for continues to be the US central bank’ latest interest rate increase on Friday. Economists at Goldman Sachs (GS) are now forecasting 75 basis point rate hikes for both June and July, followed by a 50 basis point increase in September and a 25 basis point hike in November and in December. Will certainty calm the markets?
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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 $877 billion.
What Bitcoin did yesterday
We closed yesterday, June 14 2022, at a price of $22,206.79. The daily high yesterday was $23,018.95 and the daily low was $20,950.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $390 billion. To put it into context, the market cap of gold is $11.561 trillion and Tesla is $686.53 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $42,654 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 63.56%.
Fear and Greed Index
Market sentiment today is 7, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.60. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 20.70. 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
“Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to our strength & unity in choosing the right path during hard times.”
Faustin-Archange Touadera
Central African Republic President
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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