Bitcoin price dips below $30k while crypto becomes part of the conversation in Davos
The Bitcoin price continues to hover at around the $30k level, having fallen around three per cent over the past 24 hours to $29,400 this morning.
Other major cryptocurrencies have also seen losses, as the crypto markets continue to struggle to gain momentum amid a generally uncertain economic climate for investors.
The financial agenda continues to be dominated by global events, with news of a food crisis adding to the threat to stability caused by recent Russian aggression. The potential ramifications of a food shortage would be huge, with the World Economic Forum in Davos dominated by discussion of how it could be resolved. Can the world work together to avert disaster?
Cryptocurrency generally seems to be a hot topic of discussion at Davos this week, with regulation particularly high on the agenda. Ripple CEO Brad Garlinghouse noted in an interview at the event that “Crypto used to be a bad word in Davos. Now, it’s being talked about, and there are more and more cryptocurrency companies taking part”.
Despite recent price movements and a lot of talk in the press about a “crash”, it still appears that it is very much at the front of mind for leading financial decision makers. But what does it mean for the space and can regulators provide the certainty that the industry has long craved?
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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 $1.261 trillion.
What Bitcoin did yesterday
We closed yesterday, May 23 2022, at a price of $29,098.91. The daily high yesterday was $30,590.59 and the daily low was $28,975.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $559.08 billion. To put it into context, the market cap of gold is $11.805 trillion and Tesla is $699.2 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31.115 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 53.46%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.83. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.43. 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
“We are moving from a monetary system that unfairly transfers the productivity gains from technology to the rich and powerful through inflation, to one where the productivity gains will be shared by all. The earlier you understand the implications, the better.”
Jef Booth, Author
What they said yesterday
They’ve got a point…
An important moment…
Bitcoin is an educator…
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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