Bitcoin’s green shoots trampled by earnings season
A bumpy week in the markets continues, with major cryptocurrencies continuing to follow traditional markets. The green shoots of a rebound yesterday are today erased, with the Bitcoin price once again dipping just below the $40k level.
The leading cryptocurrency is currently changing hands for around four per cent less than it was at this time 24 hours ago at around $38,500. Ethereum’s fortunes are much the same, also slipping four per cent in price to just below $2,900.
The drop comes as the earnings season kicks off, with Google’s parent company Alphabet yesterday reporting that its first-quarter profit had dropped eight per cent. Also of concern to investors were further threats to Western allies from an increasingly-bellicose Russia, with the country cutting off gas to Poland in apparent retaliation for its support for Ukraine. The tech-focused Nasdaq yesterday fell 3.9 per cent, while the S&P 500 fell 2.8 per cent.
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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 $1.805 trillion.
What Bitcoin did yesterday
We closed yesterday, 26 April 2022, at a price of $38,117.46. The daily high yesterday was $40,713.89 and the daily low was $37,884.99.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $744.78 billion. To put it into context, the market cap of gold is $12.035 trillion and Tesla is $905.78 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $37.30 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 32.38%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.91. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.38. 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
“Privacy is necessary for an open society in the electronic age.”
Eric Hughes, Author of ‘A Cypherpunk’s Manifesto’
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