Crumbling cryptocurrency market reflects intra-market volatility
The recent events at FTX are playing out in the cryptocurrency markets. Bitcoin, Ethereum and most other cryptocurrencies saw a volatile day of price activity as the markets absorb the news.
Bitcoin is down 11% over the last 24 hours, with Ethereum shedding 17.2% off yesterday’s price. Solana has taken the brunt of the volatility, seeing that FTX has a huge stake in the smart-contracts cryptocurrency.
The latest is that Binance has agreed to backstop FTX’s liquidity, but time will tell whether the move will instil confidence in the rattled markets.
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Yesterday’s Crypto AM Daily in association with Luno
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 at time of writing is currently $891 billion.
What Bitcoin did yesterday
We closed yesterday, November 8 2022, at a price of $18,541.27. The daily high yesterday was $20,664.61, and the daily low was $17,603.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $348.69 billion. To put it into context, the market cap of gold is $11.318 trillion and Tesla is $595.13 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $111.740 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 42.07%.
Fear and Greed Index
Market sentiment today is 29, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.13. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.69. 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
“Around the world, banks are failing and currencies are collapsing. Bitcoin offers hope to people that would otherwise have no escape from economic misery. Lebanon isn’t the first place to need it, and it won’t be the last.”
Michael Saylor, MicroStrategy Founder & Executive Chairman
What they said yesterday
If we could turn back time…
Never a dull moment in crypto…
Apt metaphor…
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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
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Crypto crazy couple name baby after favourite digital asset
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
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