Bitcoin clings on to $20k in wake of rate hike announcement
It seems that yesterday’s announcement by Fed Chair Jerome Powell that the Fed would continue raising interest rates was priced in by cryptocurrency markets.
After almost touching $20,000 yesterday, Bitcoin opened at $20,312 this morning, down by less than a percentage point on the day. At $1,549, Ethereum has slipped by 1.74% over the same period.
Altcoin markets barely took notice of yesterday’s broader market sentiment, with Uniswap showing gains of 3.19% over 24 hours and Chainlink up by 0.58%.
Traditional equity markets bore the brunt of yesterday’s trading activity. The SP500 is under by 2.5% this morning, while the Nasdaq is down 3.36%, which continues to signal a possible divergence between cryptocurrencies and traditional equity markets.
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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 at time of writing is currently $1.011 billion.
What Bitcoin did yesterday
We closed yesterday, November 2 2022, at a price of $20,159.50. The daily high yesterday was $20,742.81, and the daily low was $20,087.13.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $389.844 billion. To put it into context, the market cap of gold is $10.934 trillion and Tesla is $708.74 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $55.293 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 27.12%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.34. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.12. 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
“Bitcoin is the only asset that guarantees you a future, an issuance rate, a monetary policy.”
Jack Mallers, Strike CEO
What they said yesterday
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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