Crypto markets slip into the red as Ukraine crisis shows no signs of resolution
Global financial markets are looking shaky again this morning, as the situation in Ukraine shows no signs of resolution. This once again includes the crypto markets, which looked set to decouple from traditional stocks last week as prices surged across the board.
Bitcoin started falling late Friday and continued to drop through the early part of the weekend. The market leader is currently down three per cent over the past 24 hours and changing hands for around $38,100. Ethereum and other major cryptocurrencies are also in the red, with Ethereum down around four per cent to the $3,500 level.
In wider markets, the FTSE 100 index has dropped two per cent in early trading. Oil has also risen to its highest level since 2008, after US Secretary of State Antony Blinken said Washington was in “very active discussions” with European governments about banning imports of Russian crude and natural gas. Global equities shed a total of $2.9 trillion of value last week. Will this week be worse? What will it mean for crypto?
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.709 trillion.
What Bitcoin did yesterday
We closed yesterday, March 6 2022, at a price of $38,419.98, down from $39,400.58 the day before. The daily high yesterday was $39,640.18 and the daily low was $38,211.65.
This time last year, the price of Bitcoin closed the day at $51,206.69. In 2020, it closed at $8,909.95.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing was $724.37 billion. To put it into context, the market cap of gold is $12.632 trillion and Tesla is $866.38 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22.737 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 61.77%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.23. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.85. 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
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What they said yesterday
The HODL life…
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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