Bitcoin broke through $27k yesterday and continued climbing until it met resistance at $27.4k this morning, before eventually settling around $26.8k.
Some analysts point to signs that the Federal Reserve Bank is likely to pause rate hikes in its meeting this week as the reason for the mini-rally.
There’s a lot of work to be done before the Fed can take its foot of the gas, say the experts, but signs of a slowdown in the global economy has traders betting that rates will remain unchanged, at least for now.
“Traders see a roughly 97% chance that the central bank keeps rates unchanged in September, according to the CME FedWatch Tool,” CNN Business reported. “But they remain split on whether the Fed will continue to hold rates steady or hike more for the rest of the year.”
Chainlink joined the breakout yesterday, before retracing along with most of the market. LINK, Chainlink’s native crypto, is up by 13% over seven days as news of its partnership with SWIFT, the global interbank messenger network, does the rounds.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.07 trillion
What Bitcoin did yesterday
🔺 Daily high $27,413
🔻 Daily low $26,405
Bitcoin market capitalisation
🟠 BTC $523.766 billion
🟡 Gold $12.902 trillion
💳 Visa $508.84 billion
🪣 Total spot trading volume $14,959 billion
FTSE/JSE Top 40
Fear and Greed Index
Bitcoin’s market dominance
Relative Strength Index (RSI)
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
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
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
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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
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.