Crypto markets still slipping under pressure from worsening inflation
The Bitcoin price continued to slide on Monday, dropping below $40,000 yesterday as the leading cryptocurrency remains closely aligned with traditional global financial markets, which are also struggling.
Bitcoin’s price has since returned to above $40k, but it’s still down around five per cent over the past 24 hours and 15 per cent over the week. The tech-focused Nasdaq was down 2.1 per cent at close yesterday, while the S&P 500 off 1.6 per cent.
Gold, meanwhile – a traditional safe haven – traded higher on Monday, in a sign investors are moving away from assets considered riskier ahead of today’s release of the Consumer Price Index, which is widely expected to show inflation worsening in March.
The rise will potentially add to the increasing clamour globally to raise interest rates, which analysts have cited as a key driver behind recent price movements across all markets.
In another sign that riskier assets are less appealing, alt coins are also moving downwards sharply. Ether, the second-largest cryptocurrency by market cap, is trading slightly over $3,000, down 5 per cent since yesterday morning.
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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 $1.858 trillion, down from $1.947 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 11 2022, at a price of $39,521.90, down from $42,207.67 the day before. The daily high yesterday was $42,424.59 and the daily low was $39,373.06. This time last year, the price of Bitcoin closed at $59,893.45. In 2020 it closed at $6,859.08.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $758.76 billion. To put it into context, the market cap of gold is $12.464 trillion and Tesla is $1.008 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35.473 billion up from $21.344 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 40.01%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.70. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.55. 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
“All the talent and passion at the Bitcoin conference made me realise that I need to focus more on Bitcoin.”
MicroStrategy CEO Michael Saylor
What they said yesterday
He loves it…
Be like Qui-Gon Jin…
Zuby’s strategy…
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