Crypto markets surge after better-than-expected US inflation figures
After a slower start to the week, the crypto markets burst into life yesterday following the announcement of lower-than-expected US inflation figures.
The Consumer Price Index rose 8.5 per cent in the year through July, the Bureau of Labor Statistics said Wednesday – a significant drop in the headline inflation rate following the 9.1 per cent gain in the year through June.
The price of Bitcoin jumped two per cent to about $23,500 in the minutes after the inflation data for July was released, and sat at around $24,600 this morning – up more than six per cent since this time yesterday and the highest it’s been since early June.
The price of Ether (ETH) also rose four per cent to $1,780 after the data was released and is currently up 11 per cent over the past 24 hours to just below $1,890. Other major cryptocurrencies have also seen price rises this morning, as have traditional stock markets, with the tech-focused Nasdaq rallying more than 20% from recent lows.
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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 $1.158 trillion.
What Bitcoin did yesterday
We closed yesterday, August 10 2022, at a price of $23,947.64. The daily high yesterday was $24,127.41 and the daily low was $22,771.52
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $468.36 billion. To put it into context, the market cap of gold is $11.89 trillion and Tesla is $922.35 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38.338 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 47.89%.
Fear and Greed Index
Market sentiment today is 41, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.23. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.77. 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 has come much further and much faster than people expected. There was a saying in the early dot-com era about “internet time,” and bitcoin time seems to be moving even faster.”
Adam Back, co-founder & CEO of Blockstream
What they said yesterday
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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