It’s been an undeniably difficult May in the financial markets, with crypto no exception.
The majority of leading cryptocurrencies are in the red as we approach June, with the recent collapse of the LUNA stablecoin adding to fears about inflation and the uncertain economic climate that are also plaguing investors in traditional stocks.
The markets do appear to have at least taken a welcome breather so far this week, with Bitcoin stabilising somewhat in the $28,000-30,500 range. The price of Bitcoin currently stands at around $29,700 at time of writing, up one per cent since this time yesterday.
This is reflected in the Bitcoin Fear & Greed Index that measures investor sentiment, which has been stuck in the “fear” zone over the past month and dropped to its second-lowest recorded fear level of ‘8’ in the index’s history last week. The Fear and Greed Index has been live since February 1 2018, and has touched ‘8’ on only four previous occasions. The index has since recovered slightly, currently sitting at 11. They remain unusually low, but the recovery suggests that extreme bearish sentiment could be starting to wane.
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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 $1.261 trillion.
What Bitcoin did yesterday
We closed yesterday, May 23 2022, at a price of $29,098.91. The daily high yesterday was $30,590.59 and the daily low was $28,975.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $559.08 billion. To put it into context, the market cap of gold is $11.805 trillion and Tesla is $699.2 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31.115 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 53.46%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.83. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.43. 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 moving from a monetary system that unfairly transfers the productivity gains from technology to the rich and powerful through inflation, to one where the productivity gains will be shared by all. The earlier you understand the implications, the better.”
Jef Booth, Author
What they said yesterday
They’ve got a point…
An important moment…
Bitcoin is an educator…
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Crypto on the catwalk
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