Bitcoin price continues to look flat amid recession concerns
The price of Bitcoin continues to hang around the $20k mark, having failed to sustain a push above that level earlier in the week. It’s currently up 1.5 per cent over the past 24 hours, changing hands for around $20,400.
Other major cryptocurrencies are moving roughly in line with Bitcoin, with Ethereum also up around 1.5 per cent since this time yesterday to around $1,100. Polygon (MATIC) is out in front this morning, up more than 25 per cent over the day.
The S&P 500 and the tech-heavy Nasdaq 100 index were also roughly flat at close yesterday, while European stock markets opened down slightly this morning. Analysts are pointing to US central bank chief Jerome Powell’s announcement yesterday that the Federal Reserve was fully committed to bringing prices under control, even if doing so risked an economic recession.
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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 $905 billion.
What Bitcoin did yesterday
We closed yesterday, June 22 2022, at a price of $19,987.03. The daily high yesterday was $20,835.75 and the daily low was $19,848.08.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $391 billion. To put it into context, the market cap of gold is $11.652 trillion and Tesla is $733.76 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28,819 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 73.64%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.19. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 31.94. 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
“Over the last 10 to 15 years there has been an uprising of people who value privacy, not because they are weird and want to go and hide in the woods, ordinary citizens who are not happy with how much data they are handing over.”
Riccardo Spagni, Monero Co-founder
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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