Crypto and other financial markets drop as further economic sanctions kick in
After struggling with resistance above $47,500 for the last week, the price of Bitcoin has dropped four per cent this morning. The leading cryptocurrency is currently changing hands for around $43,450, after a relatively flat seven days with no significant price fluctuations.
Most cryptocurrencies are trading lower this morning, with the price of Ethereum also falling around four per cent. The move is in line with traditional stock markets, which have also taken a hit following more economic sanctions on Russia and the release of minutes from the Federal Reserve’s March meeting. The minutes indicated that governors could look to again raise interest rates in half-point increments soon. The tech-focused Nasdaq was off 2.2 per cent following the news.
All of this means that customer sentiment is again looking shaky. The Fear and Greed Index had recently stabilised at neutral levels, fluctuating around 50 throughout the week. However, it has dropped back into Fear again today, following a pattern we have seen consistently throughout the year of sentiment failing to gather momentum and push forward.
The seven-day average real Bitcoin trading volume is also down again, as it continues to look lacklustre. It currently sits at $4.3 billion, after seeing a slight decline from last week as bitcoin has been trading in a narrow range, struggling to break out above 48,000. Spot volumes have been very stable for the previous month, which is typical in low volatility periods like this.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.997 trillion, down from $2.096 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 6 2022, at a price of $43,206.74, down from $45,555.991 the day before. The daily high yesterday was $45,544.36 and the daily low was $43,193.95.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $824.53 billion. To put it into context, the market cap of gold is $12.239 trillion and Tesla is $1.08 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36.905 billion, up from $34.630 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 40.46%.
Fear and Greed Index
Market sentiment today is 34, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.00. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.71. 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
“We need to integrate #Bitcoin into every aspect of our society this year.”
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What they said yesterday
“Bitcoin leads after the first quarter!”
How times have changed…
It’s happening quickly now…
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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
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