Bitcoin slips below $29,000 and Ethereum now under $2,000 as crypto sell-off continues
There are few winners in crypto markets today as prices continue to slide after what seemed a promising rally on the back of cooling inflation numbers from the US last week.
Bitcoin (BTC) and Ethereum (ETH) struggled to hold support around key levels, with the leading crypto by market cap dipping first below $30k and later $29k. ETH is trading below $2k this morning.
The further sell-off, following on yesterday’s slide, may have been triggered by hot inflation figures coming from the Bank of England (BoE) this time, where inflation remains in double-digits at 10.1%.
As for inflation in the US, a recent poll by Reuters showed that economists are almost certain of another 0.25% rate hike by the Federal Reserve in May, after which things could hold steady for the rest of the year.
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 $1.217 billion.
What Bitcoin did yesterday
We closed yesterday, April 19, at a price of $28,822. The daily high yesterday was $30,411, and the daily low was $28,669.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $560.025 billion. To put it into context, the market cap of gold is $13.235 trillion and Tesla is $576.43 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.580 billion.
Fear and Greed Index
Market sentiment today is 58, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.51. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.45. 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
You want Bitcoin for the same reason you want running power or running water. Civilization is based on clean energy, clean water, and clean money.
Michael Saylor, CEO of MicroStrategy
What they said yesterday
🧐
🌝
👀
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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.