Crypto markets flat as US inflation hits 40 year high
There was a recovery of sorts for the crypto markets yesterday, though the return to form could mostly be found among alternative cryptocurrencies (altcoins).
While market leader Bitcoin remained mostly flat – currently changing hands for $40,140 up 0.18 and per cent over the last 24 hours – cryptocurrencies such as Uniswap, Ethereum and XRP are all up by one or two per cent.
The disparity suggests a greater appetite for risk among traders, though you wouldn’t know it to look at the Fear and Greed Index, which measures consumer sentiment. The Index currently sits back in Extreme Fear, having shown signs of life over the last couple of weeks for the first time this year. Can it pick up and turn around?
The big news yesterday was the US Consumer Price Index coming in slightly higher than expected at 8.5 per cent – a four-decade high. The high numbers will add fuel to speculation that there will be an increase in interest rates in the US soon, which have been cited as one of the key drivers of volatility in the markets this year by experts. However, some analysts and economists are saying that it could mark the peak of the current inflation cycle. Will they be proved right? What would that mean for interest rate rises?
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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 $1.876 trillion, up from $1.858 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 12 2022, at a price of $40,127.18, up from $39,521.90 the day before. The daily high yesterday was $40,617.59 and the daily low was $39,388.33. This time last year, the price of Bitcoin closed at $63,503.46. In 2020 it closed at $6,668.26.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $760.9 billion. To put it into context, the market cap of gold is $12.53 trillion and Tesla is $1.02 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.280 billion down from $35.473 billion yesterday. 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 39.09%.
Fear and Greed Index
Market sentiment today is 25, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.40. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.08. 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
“Inflation is worse than you think, and Bitcoin is better than you know.”
MicroStrategy CEO Michael Saylor
What they said yesterday
Fulfilled…
It’s about perspective…
The more you know 😉
Crypto AM: Editor’s picks
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
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