The crypto markets have seen some pullback this morning, with Bitcoin currently down one per cent over the past 24 hours to around $43,500. Ethereum and other major cryptocurrencies were also down this morning.
Analysts are attributing the pause in momentum to statements by Federal Reserve Chair Jerome Powell yesterday, which reaffirmed the US central bank’s plan to raise interest rates this month for the first time since 2018. The spectre of an interest rate rise was credited as being a major contributing factor to price movements earlier in the year, but their impact seemed to have dulled in recent weeks with the focus on other issues. Will we see it turnaround?
Demand for Bitcoin still seems to be high though, with the leading cryptocurrency seeing its highest trading volume of 2022 this week. The volume pushed above $10 billion, marking the highest point since December 4 2021. This is also echoed in the general market sentiment at the moment.
The Fear and Greed Index suddenly entered neutral territory earlier this week after staying in the “extreme fear” area for most of 2022. It’s back in fear this morning, but is still higher than it has been recently. One of the reasons the crypto market remained in a prolonged fearful state was geopolitical uncertainty related to the imminent Russian invasion of Ukraine. As the attack unfolds, investors seem to have changed their opinions on how increased geopolitical uncertainty and conflicts may affect the crypto market.
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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 $1.908 trillion, down from $1.950 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 2 2022, at a price of $43,924.12, down from $44,354.64 the day before. The daily high yesterday was $45,077.58 and the daily low was $43,432.85.
This time last year, the price of Bitcoin closed the day at $50,538.24. In 2020, it closed at $8,897.47.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing was $823.39 billion. To put it into context, the market cap of gold is $12.263 trillion and Tesla is $909.37 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $28.299 billion, down from $32.938 billion yesterday. 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 64.69%.
Fear and Greed Index
Market sentiment today is 39, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.89. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.41. 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
“If [Bitcoin] continues to be buried in a lot of the critiques, it means that we’re not doing a great job of showing how it works, educating around the critiques that people have and in trying to diminish those.”
Block CEO Jack Dorsey
What they said yesterday
“Explain it to me like I’m five”…
What do you think?
This is how the seeds of adoption are sowed…
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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