Bitcoin slips below $29,000 as Ethereum loses its grip on $1.8k
Bitcoin and Ethereum are both down by almost 2% in the last day, in line with stock markets, which slid for the second consecutive day following uncertainty around future rate hikes, say the analysts.
The Fed’s latest minutes revealed division among governors about where to go with rate hikes.
There are few winners in crypto markets today. With the exception of one or two lesser-known alt-coins recording short green candles over 24 hours, it’s mostly red for the large-caps.
“I agree with the governors that we’re not convinced that inflation is totally in the rearview mirror,” Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, told Reuters.
“I think the markets will be on pins and needles regarding what the Fed will do all through September and into October.”
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.14 trillion
🔻 1.61%
What Bitcoin did yesterday
🔺 Daily high $29,251
🔻 Daily low $28,717
Bitcoin market capitalisation
🟠 BTC $556.306 billion
🟡 Gold $12.705 trillion
💳 Visa $501.16 billion
Bitcoin volume
🪣 Total spot trading volume $16.38 billion
🔺 22.34%
SP500
🔻 0.76%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.26
Relative Strength Index (RSI)
💪 37
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
Right now in financial markets, stocks (well at least 6 of them) are acting like there’s zero chance of a recession. The bond market is signaling there is going to be a big recession. Both can’t be right. I’d bet on the bond market.
Christopher Schwarz, Professor of Finance at UC Irvine
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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.