Yesterday was another bruising day in the crypto markets after a strong start to the week, with prices tumbling across the board. The price of Bitcoin is currently down by more than three per cent since yesterday morning to around $37k.
The drop ends the leading cryptocurrency’s two-day winning streak. The overall crypto market is down by more than four per cent in the last 24 hours, and is currently valued at $1.70 trillion. Investor sentiment has dropped back down into Extreme Fear on the Fear and Greed Index.
The drop came as shares in social media giant Facebook owner Meta plunged more than 20 per cent in pre-market trading on Thursday after Meta said it expected its first-quarter revenues to fall short of Wall Street forecasts because of the “increasing competition” from newer rivals such as ByteDance’s TikTok.
Facebook saw it lose daily active users (DAUs) for the first time in its 18-year history in the last quarter of 2021, falling to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter. The drop is threatening the recent rebound in the Nasdaq 100 Stock Index, which has been closely correlated to price movements in the crypto markets recently.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.705 trillion, down from $1.768 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 2 2022, at a price of $36,952.98, down from $38,743.27 yesterday. The daily high yesterday was $38,834.62 and the daily low was $36,832.73.
This time last year, the price of Bitcoin closed the day at $37,472.09. In 2020, it closed at $9,293.52.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $700.38 billion. To put it into context, the market cap of gold is $11.472 trillion and Tesla is $909.51 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $19.570 billion, down from $20.299 billion the day before. 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 56.17%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.79. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 34.28. 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 seeing more traditional balance sheets join the market of Bitcoin.”
Robert Gutmann, co-founder and CEO of NYDIG
What they said yesterday
President Bukele, flying El Salvador and Bitcoin flags high…
Saylor providing sobering thoughts…
The party hasn’t even started…
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Crypto AM: In Conversation with James Bowater
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Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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Crypto AM: Events
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