Crypto markets respond positively to softer US rate hike announcement
The Federal Reserve Bank of the US announced a 0.25% rate hike yesterday, the slightest adjustment since starting its aggressive inflation targeting in March last year.
Investors and analysts are seeing it as a signal that the Fed may finally be getting a handle on inflation, news to which the markets have responded positively.
Bitcoin is up by 3.6% since yesterday, trading for $23,790 this morning, while Ethereum has jumped 6% over the same period to $1,670 – a momentum shift for the original smart contracts crypto, which has lagging Bitcoin since the rally started a month ago.
The CoinDesk Large Cap Select Index (DLCS), which measures the market cap weighted performance of some of the largest cryptocurrencies, is up by 4%, indicating strong performance by the rest of the crypto market.
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 $1,089 billion.
What Bitcoin did yesterday
We closed yesterday, February 1, at a price of $23,723. The daily high yesterday was $23,764, and the daily low was $22,877.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $457.370 billion. To put it into context, the market cap of gold is $13.018 trillion and Tesla is $572.84 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30.364 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 36.88%.
Fear and Greed Index
Market sentiment today is 60, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.16. Its lowest ever recorded dominance was 37.09 on 1 January 2018.
Relative Strength Index (RSI)
The daily RSI is currently 73.81. 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
“We can’t help but notice in this reflection how much has been built during the past year despite the setbacks and how much more is on the horizon: from the steadfast growth and exciting possibilities for bitcoin, a very aggressive developer road map for Ethereum, and a whole range of advancements in DeFi and stablecoins. These are not the signs of an industry dying, but one that is clearly here to stay.”
Fidelity, one of the largest asset managers in the world
What they said yesterday
An instant payments network…
Markets responding to interest rate hike…
Bitcoin is open to 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.
All information is correct as of 08:00 BST