Crypto markets pick up as China eases lockdowns
Bitcoin yesterday extended its streak of declining weekly returns to a record nine weeks, with the price of the largest cryptocurrency closing the week at just above the $29k mark. Previously, Bitcoin had never gone through more than six weeks in a row without a positive return.
However, in contrast to recent weekly closes, Bitcoin at least managed to limit the downside and reverse course immediately. It’s currently changing hands for $30,600 – up 5 per cent over the past 24 hours. Can Bitcoin avoid 10 weeks of red?
Elsewhere, Ethereum and other major cryptocurrencies are also enjoying a strong start to the week. The price of Ethereum is currently $1900, up 6.6 per cent, while Uniswap and Chainlink have both seen gains of more than 10 per cent since this time yesterday.
Financial markets generally seem to be rallying across the board this morning, carrying over from the end of last week, with analysts crediting much of the improved performance with China’s move to ease the severe lockdown restrictions in both Beijing and Shanghai that had been weighing heavy on the economy. Can the world’s so-called growth engine get back on track and start powering markets back to positive performance?
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Friday’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 $1.273 trillion.
What Bitcoin did yesterday
We closed yesterday, May 29 2022, at a price of $29,445.96. The daily high yesterday was $29,498.01 and the daily low was $28,841.11.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $584.14 billion. To put it into context, the market cap of gold is $11.832 trillion and Tesla is $786.98 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.654 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 53.88%.
Fear and Greed Index
Market sentiment today is 10, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.35. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.76. 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
“Bitcoin will be the ‘reserve currency’ of the world”
– Kevin O’Leary, Entrepreneur
What they said yesterday
Building a decentralised future brick by brick
The financial awakening continues
Bitcoin = inner peace
Crypto AM: Editor’s picks
Walmart confirms it is not partnering with Litecoin
Morgan Stanley to launch new research team led by Sheena Shah
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Crypto AM: Features
Crypto AM: Spotlight
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: 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