Price of Bitcoin moves above $29,000 after US Federal Reserve raises interest rates
Bitcoin is in the green today after recovering from a slight dip following the Federal Reserve’s announcement yesterday of another 0.25% rate hike.
Ethereum (ETH) is also in the green this morning. This puts both number one and two by market cap back in positive territory over seven days. There are a few daily red candles scattered across the rest of the crypto markets, but the majority are being carried to greener pastures by the renewed optimism in the markets.
Analysts were expecting the Fed to raise rates. A statement by its chairman Jerome Powell and team notes the Reserve will take into account the cumulative tightening of monetary policy and how these policies impact the economy when making future decisions.
Some say this could spell the last hike in a tightening cycle that has seen nine rate hikes and a flurry of bank collapses. As Goldman Sachs said in a recent note: “By the time of the June meeting, we believe softness in the data and ongoing worries about the impact of constrained bank credit will probably be enough to deter further hikes.”
Yesterday’s Crypto AM Daily
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 $1.195 billion.
What Bitcoin did yesterday
We closed yesterday, May 3, at a price of $29,006. The daily high yesterday was $29,259, and the daily low was $28,178.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $562.992 billion. To put it into context, the market cap of gold is $13.467 trillion and Tesla is $509.05 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $19.390 billion.
Fear and Greed Index
Market sentiment today is 64, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.46. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.57. 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.
Soundbite of the day
Bitcoin is a portal from the physical world to the digital; with the discovery of a digital commodity guaranteed by physics and mathematics.
Adam Back, Founder of Blockstream and inventor of Hashcash, used in BTC mining
What they said yesterday
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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
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Crypto AM: Events
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.