The drawdown after the rebound: Bitcoin, Ethereum, Cardano, Solana, Polygon and Polkadot sell-off
Crypto markets have seen some volatility this week, with the price of Bitcoin dipping and spiking in the last few days. Following yesterday’s rally of 5%+, the market leader is down more than 3% on the day.
Ethereum is down almost 4%, trading a notch below the threshold of $2,000. Next-generation cryptos such as Solana, Polygon and Polkadot saw deeper drawdowns overnight.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
🔵 $1.39 trillion
🔻 3.47%
What Bitcoin did yesterday
🔺 Daily high $37,907
🔻 Daily low $35,561
Bitcoin market capitalisation
🟠 BTC $709.361 billion
🟡 Gold $13.199 trillion
💳 Visa $510.39 billion
Bitcoin volume
Total spot trading volume $26.223 billion
🔻 7.98%
Ethereum staking entry queue
0 minutes
SP500
🔺 0.12%
FTSE/JSE Top 40
🔻0.19%
Fear and Greed Index
Bitcoin’s market dominance
52.23
Relative Strength Index (RSI)
57.01
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, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
“Our core remit is how to redesign the infrastructure on how to move money.” Umar Farooq, Financial Institution Payments Global Head, JP Morgan, commenting on its Onyx blockchain.
Crypto AM: Editor’s picks
Kraken appoints crypto entrepreneur and fintech consultant Bivu Das to drive next chapter of UK growth story
TransformBase initiative set for launch in November
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
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
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
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.