Thursday 28 July 2022 10:52 am

Crypto markets pick up after US central bank chair suggests major rate rises may slow down

By: Crypto AM Daily with James Bowater | Crypto Insider

The crypto markets have picked up again this morning, with the price of bitcoin climbing back up to just below $23k. The largest cryptocurrency by market capitalisation is changing hands for $22,951,93 at time of writing, up 7.46 per cent over the past 24 hours.

Other major cryptocurrencies have also had a strong day, with many seeing double digit price gains. Ethereum and Litecoin are both up more than 10 per cent, while Uniswap is up 22 per cent since this time yesterday. Can they continue to climb?

The recovery comes after yesterday’s announcement by the US central bank that they would be lifting interest rates by 0.75 per cent, as was widely anticipated. Federal Reserve Chairman Jerome Powell’s comments that the bank might dial back on the rate hikes in the future may have also provided some relief to investors, with traditional equity markets, the S&P 500 and the tech-heavy Nasdaq also climbing yesterday.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

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
$1,061 trillion.

What Bitcoin did yesterday

We closed yesterday, July 27 2022, at a price of $22,930.55 The daily high yesterday was $22,986.53 and the daily low was $21,070.81.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $438.36 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $861.14 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $35.141 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 56.42%.

Fear and Greed Index

Market sentiment today is 32, 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 55.34. 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

“Increasingly, merchants are accepting crypto payments via a third party who will convert to, and settle in, fiat so that the merchant doesn’t bear price volatility risk versus their expenses.”

Jess Houlgrave, the head of crypto strategy at Checkout.com

What they said yesterday

Not just good for coffee

Hey Twitter!

Please pay for my ice cream before it melts? #Bitcoin #lightning ⚡️ pic.twitter.com/M813ed7FAr
— Joe Nakamoto ⚡️ (@JoeNakamoto) July 27, 2022

👀

I would have more #Bitcoin if I just paid attention and opened my eyes and ears more the first time I heard about it.
— Natalie Brunell ⚡️ (@natbrunell) July 28, 2022