Crypto dips as investors play it safe ahead of Jerome Powell’s Tuesday speech
The crypto markets had a busy weekend characterised by a whipsaw in price as Bitcoin dipped back below $23,000 after a strong push on Thursday last week.
The leading cryptocurrency by market cap was idling at $22,840 following a slight recovery this morning. Ethereum is similarly down by 2%, hovering at $1,630. Most cryptocurrencies have followed, starting the week in the red.
The Chair of the Federal Reserve Bank, Jerome Powell, is set to speak again on tomorrow about the Fed’s way forward with rate hikes. Analysts say investors are playing it safe until there’s more clarity about the Fed’s approach going forward, particularly following the latest strong jobs numbers from the US.
Friday’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 this morning was $1.064 billion.
What Bitcoin did yesterday
We closed yesterday, February 5, at a price of $22,955. The daily high yesterday was $23,423, and the daily low was $22,841.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $441.059 billion. To put it into context, the market cap of gold is $12.488 trillion and Tesla is $601.11 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $21,568 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 39.39%.
Fear and Greed Index
Market sentiment today is 56, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.52. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.50. 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 fam: Soundbite of the day
“Bitcoin is the only economic entity where the supply is unaffected by the demand.”
Bill Miller, Investor and fund manager whose fund holds the record for beating the SP500 for 15 consecutive years
What they said yesterday
Good energy…
Supply unaffected by demand…
Stablecoin on Cardano…
NFTs on Bitcoin, anyone?
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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.