Price of Bitcoin flatlines as crypto markets await next call on interest rates
Bitcoin and many other cryptocurrencies are drifting in the doldrums as investors await the next move by the Fed.
Bitcoin and Ethereum are trading flat, number one and two by market cap both marginally in the red this morning below 1%. It’s a similar narrative across other markets in crypto.
Analysts expect the sideways action to continue during the week, seeing that most of the forced sellers in the short squeeze that pushed Bitcoin above $24k have sold, while other investors play it safe until there’s a clearer picture on which way the Federal Reserve is going on rate hikes.
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 $1.063 billion.
What Bitcoin did yesterday
We closed yesterday, February 27, at a price of $23,522. The daily high yesterday was $23,857, and the daily low was $23,205.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $449.954 billion. To put it into context, the market cap of gold is $11.987 trillion and Tesla is $656.96 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22,311 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 38.79%.
Fear and Greed Index
Market sentiment today is 53, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.91. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.69. 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
“We believe the internet needs a currency that will help bring down inefficient costs in the system.”
Amrita Ahuja, CFO of Block
What they said yesterday
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Secure as ever…
Currency for the internet…
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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.