The crypto markets are looking choppier today after a solid start to the week, with most major cryptocurrencies in the red this morning. The Bitcoin price is down 2.53 per cent at time of writing to $45,463, while Ethereum is down 4.3 per cent to $3,368.
The drops follow a number of statements around interest rates yesterday, pushing forward the spectre of further and deeper rises in the near future. US Federal Reserve Governor Lael Brainard said curbing inflation was ‘paramount’, noting that this would be achieved “through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting”.
Agustín Carstens, head of the Basel-based Bank for International Settlements – which is known as the central bank of central banks – added to the fire, noting there was a strong risk prices would rise uncontrollably if interest rates remained at current levels. Analysts have speculated that the prospect of higher interest rates have been one of the primary drivers of the market this year, offering retail investors somewhere low risk to get better returns. Are they right?
Stock markets certainly also felt the pinch, suggesting that crypto and traditional markets are still tightly aligned as has been the case recently. S&P 500 ended 1.26 per cent lower on Tuesday, while the technology-heavy Nasdaq dropped 2.26 per cent.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 $2.096 trillion, down from $2.166 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 5 2022, at a price of $45,555.991, down from $46,622.67 the day before. The daily high yesterday was $47,106.14 and the daily low was $45,544.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $863.29 billion. To put it into context, the market cap of gold is $12.217 trillion and Tesla is $1.127 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $34.630, billion, up from $30.962 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 37.37%.
Fear and Greed Index
Market sentiment today is 48, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.80. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.28. 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
“Buy Bitcoin for protection and cold store it.”
Billionaire Ricardo Salinas Pliego
What they said yesterday
Saylor saying it how it is…
They just don’t stop…
The more you know…
Crypto AM: Editor’s picks
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
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
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 AM, 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