Bitcoin sees pullback overnight, but continues to hold at around $23k
Bitcoin’s recovery continued yesterday, with the price of the leading cryptocurrency by market capitalisation briefly leapfrogging $24k. It’s since dropped to around the $23k mark – a fall of 2.35 per cent over the past 24 hours at time of writing. It’s still up 15 per cent since this time last week, but has the recovery stalled for the time being?
The big news on Wednesday was Tesla’s announcement that it sold the majority of its Bitcoin holdings during the second quarter to boost cash, with the electric car manufacturer struggling financially after its CEO Elon Musk’s failed Twitter bid. The company – specifically, the Tweets of its dear leader Musk – was linked to a number of big price movements in cryptocurrency last year.
Elsewhere, the price of Ethereum and other major cryptocurrencies has also seen some pullback overnight.
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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 $1.029 trillion.
What Bitcoin did yesterday
We closed yesterday, July 20 2022, at a price of $23,231.73. The daily high yesterday was $24,196.82 and the daily low was $23,009.95.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $438.58 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $769.51 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $$43,492 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 50%.
Fear and Greed Index
Market sentiment today is 34, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.5. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.93. 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
“I think we are going to see all assets become tokenized – including currencies. And I don’t think that they’ll all necessarily be CBDCs. But in a world where everything becomes tokenized – the dollar is a major winner.”
Eric Peters, Founder and CEO of One River Asset Management
What they said yesterday
Not giving up…
Not listening to the FUD…
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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