Bitcoin price rises with global financial markets as China eases Covid lockdowns
It’s been a more promising start to the week for Bitcoin and other major cryptocurrencies, which have seen small gains across the board.
Bitcoin is currently changing hands for around $30,600, up 2.75 per cent over the past 24 hours. The Ethereum price has also risen almost three per cent to around $2,080. Despite the rise, the Crypto Fear & Greed Index that measures customer sentiment fell to a low of ‘8’ on May 17 – its lowest value since March 28, 2020.
Again, performance seems to be tightly aligned to equity markets, which dropped slightly on Monday but picked up this morning. The FTSE 100 share index is up 0.66%, which Bloomberg has attributed to China easing its Covid-19 lockdowns. Can an upturn in global markets help boost crypto back to recent levels?
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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 $1.306 trillion.
What Bitcoin did yesterday
We closed yesterday, May 16 2022, at a price of $29,862.92. The daily high yesterday was $31,305.34 and the daily low was $29,251.89.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $580.79 billion. To put it into context, the market cap of gold is $11.588 trillion and Tesla is $750.45 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $30.935 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 55.3%.
Fear and Greed Index
Market sentiment today is 8, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.77. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 35.49. 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
“Only keep money in fiat that you are willing to lose. Anything not in crypto will vanish.”
Max Keiser, American Broadcaster
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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