Interest rate speculation leaves Bitcoin investors spooked
The price of Bitcoin continues to hold above $21k this morning, roughly flat over the past 24 hours at around $21,180.
The largest cryptocurrency by market capitalisation is down more than 11 per cent over the past seven days. The drop follows the release of minutes from July’s Federal Open Market Committee (FOMC) meeting, which appeared to indicate the bank would continue to hike interest rates to quash inflation and spooking investors.
Other major cryptocurrencies also continue to trade sideways in line with Bitcoin. The price of Ethereum is up 0.77 per cent to $1,588 at time of writing. The drop comes amid ongoing speculation around the potential impact of Ethereum’s (ETH) coming Merge – a major milestone for the second-largest blockchain that is supposed to make it faster and more energy-efficient.
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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 $1.012 trillion.
What Bitcoin did yesterday
We closed yesterday, August 22 2022, at a price of $21,398.91. The daily high yesterday was $21,531.46 and the daily low was $20,939.18.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $405.61 billion. To put it into context, the market cap of gold is $11.535 trillion and Tesla is $908.43 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.935 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 50.01%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.86. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.39. 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
“Our Government is ready to start consultation with stakeholders on a framework for industry and regulators, which allows consumers to participate in the [cryptocurrency] market while also better protecting them.”
Jim Chalmers MP, Treasurer, Australian government
What they said yesterday
Adoption incoming…
Science-based money…
And you thought Bitcoin was divisive…
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Crypto AM: Editor’s picks
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
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The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
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