Crypto markets drop again as investors eye incoming interest rate announcement
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The price of bitcoin (BTC) has dropped again this morning. The largest cryptocurrency by market capitalisation is changing hands for $21,105 at time of writing, down 3.86 per cent over the past 24 hours.
The price of Ethereum (ETH), the second-largest crypto by market cap, has also dropped again this morning. It was recently changing hands for $1,415, down more than 7 per cent since this time yesterday. Other major cryptocurrencies were also mostly down.
Crypto’s decline contrasts with traditional equity markets, with major indices including the S&P 500 and the Nasdaq broadly flat yesterday ahead of the US central bank’s expected announcement that they will hike interest rates later this week.
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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
$970.14 billion.
What Bitcoin did yesterday
We closed yesterday, July 25 2022, at a price of $21,361.70 The daily high yesterday was $22,649.12 and the daily low was $21,361.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $402.92 billion.To put it into context, the market cap of gold is $11.26 trillion and Tesla is $841.12 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,961 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 52.63%.
Fear and Greed Index
Market sentiment today is 26, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.56. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.44. 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
“The majority of respondents agree that cryptocurrency will positively advance our financial system and disagree with the notion that cryptocurrency is primarily used by criminals.”
- Chainalysis 2022 State of Cryptocurrency Investigations Survey
What they said yesterday
Slowly, then suddenly
Do your own research
Let it ride
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