Crypto markets react following US Federal Reserve interest rate hike
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The US Federal Reserve raised interest rates by 0.25% yesterday but there was a notable change in tone from its previous hawkish wording of ‘ongoing increases’ to a slightly more dovish, ‘some additional policy firming’.
Jerome Powell and his colleagues at the Fed are taking a more cautious stance amid the current banking turmoil in the US.
“We’ll be looking to see how serious this is and does it look like it’s going to be sustained,” Powell said yesterday of the banking crisis.
“It could easily have a significant macroeconomic effect, and we would factor that into our policies.” One more 0.25% rate hike has been set for the end of the year.
The rate-sensitive crypto markets reacted to the hike in the same way it often has in the past. The price of Bitcoin dropped below $28k, trading for $27,700 this morning. Ethereum is similarly down by around 2%, dropping below $1,8k. Apart from Litecoin (+9.24%), the majority of other cryptos are in the red this morning.
Another visit below Bitcoin’s $27k resistance level could spell a deeper drawdown, Alex Kuptsikevich of FxPRo told CoinDesk, but a move above $28.5k could take the price to $30k. “The range of expectations is incredibly wide,” he said.
Yesterday’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 $1,161 trillion.
What Bitcoin did yesterday
We closed yesterday, March 22, at a price of $27,307. The daily high yesterday was $28,803, and the daily low was $26,760.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $534.418 billion. To put it into context, the market cap of gold is $13.05 trillion and Tesla is $604.81 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31.846 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 64.34%.
Fear and Greed Index
Market sentiment today is 57, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.21. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.33. 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.
Soundbite of the day
Bitcoin is good for the world. And it’s especially good for the developing world. It’s the first major technology in history to disproportionately help those who need it most.
Marc Andrew, Founder and investor
What they said yesterday
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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.