Bitcoin slips to three-month low as US considers further interest rate hikes
Crypto and stocks dropped yesterday following Jerome Powell’s announcements that the Fed foresees more rate hikes in future.
Bitcoin dropped to March lows and was trading at just under $25k this morning, while Ethereum’s Ether was down 6% in the last 24 hours. There aren’t many winners in the markets today, with Uniswap (+2%) counting among a handful of outliers in the green.
While rate hikes remained untouched yesterday, it wasn’t the start of a pause on rates investors were hoping for.
“Today, we decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings,” Federal Reserve Chair Jerome Powell said.
“Looking ahead, nearly all committee participants view it as likely that some further rate increases will be appropriate this year to bring inflation down to 2%.”
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 $1.017 billion.
What Bitcoin did yesterday
The daily high yesterday was $26,051, and the low was $24,862.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $448.2 billion. To put it into context, the market cap of gold is $12.831 trillion and Visa is $467.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16 billion.
Fear and Greed Index
Fear and Greed is 41, today, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 49.13. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 33. 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.
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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.