The price of Bitcoin dropped for a fourth straight day yesterday, but continued to trade in the narrow range between $23-25k where it’s been for the past week. The largest cryptocurrency by market capitalisation is changing hands for $23,412 at time of writing, down 1.85 per cent over the past 24 hours.
The price of Ether has also slipped slightly this morning, down 2.5 per cent since this time yesterday to $1,845. Stocks also struggled, with the technology-focused Nasdaq falling 1.2 per cent and the S&P 500 down 0.5 per cent.
The big news for investors yesterday was the release of minutes from last month’s Federal Open Market Committee (FOMC), which seemed to indicate that the US Federal Reserve would continue raising interest rates but was open to downward adjustments in the near future.
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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 $1.118 billion.
What Bitcoin did yesterday
We closed yesterday, August 17 2022, at a price of $23,336.00. The daily high yesterday was $24,407.06 and the daily low was $23,243.35.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $447.53 billion. To put it into context, the market cap of gold is $11.733 trillion and Tesla is $952.56 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $26.627 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 47.32%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.92. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.73. 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
“Bitcoin does not waste energy — it consumes energy waste.”
Conner Brown, Corporate Attorney and Bitcoin advocate
What they said yesterday
Look at how far we’ve come…
Can you do the math?
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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