Crypto traders shrug at latest inflation data
Yesterday’s Consumer Price Index (CPI) numbers came in higher than expected, causing a brief blip in Bitcoin’s price before the leading crypto pushed back and closed the day above $22,000.
Traders are buying Bitcoin at $22,260 this morning, up by 2% over the last 24 hours. Ethereum has also improved on its position from yesterday, trading in the green for $1,556, up by 3%.
It’s a similar story across the board, with most of the younger smart contract coins in the green today, the standout being Uniswap. The native coin of the decentralised exchange has added more than 4% to its price since yesterday.
While it seems that markets didn’t quite know what to make of yesterday’s inflation numbers, analysts are concerned that the latest CPI data may indicate the economy isn’t cooling fast enough, possibly leading to prolonged rate hikes in future.
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 $1.028 billion.
What Bitcoin did yesterday
We closed yesterday, February 14, at a price of $22,220. The daily high yesterday was $22,293, and the daily low was $21,632.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $427.045 billion. To put it into context, the market cap of gold is $12.19 trillion and Tesla is $662.08 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.089 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 32.7%.
Fear and Greed Index
Market sentiment today is 53, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.51. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52.72. 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
“I can’t predict the future, but given current trends and hockey stick growth, we’re definitely headed to more Bitcoin NFT inscriptions now than fewer.”
Nick Hansen, CEO and co-founder of Luxor, speaking to TechCrunch about the new development of NFTs on Bitcoin
What they said yesterday
Bitcoin economy in working…
What adoption looks like…
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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.