Bitcoin price pushes upwards as investors wait for latest rate hike decision
Bitcoin is trading comfortably above $28k and closer to $29k this morning, while Ethereum (ETH) is trading in the green for $1,866.
The rest of crypto is mostly flat, either trading slightly in the red or just in the green.
Job openings figures from the US came in lower than expected yesterday, meaning that the Fed’s aggressive rate hikes may be working as intended in cooling the US economy.
Most analysts expect the Federal Reserve to raise interest rates by another 25 basis points (0.25%) today, but the institution also has to consider First Republic’s collapse on Monday – the latest in a spate of bank collapses since March. Markets will be following closely.
Yesterday’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 $1.179 billion.
What Bitcoin did yesterday
We closed yesterday, May 2, at a price of $28,680. The daily high yesterday was $28,881, and the daily low was $27,924.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $554.838 billion. To put it into context, the market cap of gold is $13.349 trillion and Tesla is $512.92 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.375 billion.
Fear and Greed Index
Market sentiment today is 64, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.49. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.78. 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
Bitcoin adoption is being driven by the progressive global loss of confidence in fiat currencies, conventional banking, and competing assets.
Michael Saylor, founder of MicroStrategy, and bitcoin whale
What they said yesterday
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Crypto.com granted FCA licence to operate in UK
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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
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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
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.