Crypto markets continue to look flat amid disappointing earnings season for tech giants
The price of Bitcoin (BTC) has rebounded after another drop yesterday below $38k for the second day in a row. The leading cryptocurrency is currently changing hands for around $39,666 – up almost two per cent over the past 24 hours.
Ethereum has seen similar gains since this time yesterday, currently trading for around $2,935 at time of writing. Whether the latest rally has any staying power remains to be seen, with the Fear and Greed Index that shows consumer sentiment continuing to sit in Extreme Fear.
The key story at the moment continues to be Bitcoin’s close correlation with tech stocks, which is currently at an all-time high. This means that the disappointing start to quarterly earnings has not been kind to crypto prices, with Facebook parent company Meta yesterday joining Google in announcing that it had fallen short of its projections for revenue and earnings per share for its first quarter.
Meta shares have fallen over 40 per cent since January.
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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 $1.818 trillion.
What Bitcoin did yesterday
We closed yesterday, April 27 2022, at a price of $39,241.12. The daily high yesterday was $39,397.92 and the daily low was $37,997.31.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $753.63 billion. To put it into context, the market cap of gold is $11.952 trillion and Tesla is $911.04 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31.38 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 32.4%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.02. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.52. 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
“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”
Satoshi Nakamoto
What they said yesterday
Who’s next?
Hear, hear!
What are you waiting for?
Crypto AM: Editor’s picks
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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