Cryptocurrency prices hold their nerve as all eyes turn on the Fed’s next move
Cryptocurrency markets continue to hold on to the optimism of the past week. Bitcoin is still trading above the important $20,000 mark, up 0.40% since yesterday, while Ethereum is up 1%, changing hands for $1,368.
The price of the leading cryptocurrency by market cap has grown by roughly 4.5% in the last week, while Ethereum has followed in its tracks with upward movement of 3%.
It’s a divergence from the movements of the major indices in traditional equity markets. The Nasdaq, S&P 500 and the Dow Jones have all dipped in the red this morning, albeit by less than a percentage point.
Investors are awaiting the jobs report by the US Labor Department tomorrow, which would indicate whether the Fed’s aggressive interest rate hiking over the past year is having the desired effect.
Employment numbers are considered to be one the most important economic indicators. Experts have intimated at a drop in job numbers, which may lead to the Fed taking a more dovish stance going forward.
Will we see cryptocurrency markets follow its own path in the coming weeks?
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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 $964.779 billion.
What Bitcoin did yesterday
We closed yesterday, 5 October 2022, at a price of $20,160.72. The daily high yesterday was $20,343.75 and the daily low was $19,801.80.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $386.18 billion. To put it into context, the market cap of gold is $11.38 trillion and Tesla is $749.15 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36.096 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 47.84%.
Fear and Greed Index
Market sentiment today is 26, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.69. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.75. 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 is the only asset that guarantees you a future, an issuance rate, a monetary policy. I trust in Bitcoin because I do not have to trust anybody”
Jack Mallers, founder of Zap, an instant payment solution
What they said yesterday
Important thread…
One step forward, two steps back…
Time flies when you’re having fun…
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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