Crypto markets steady after Friday’s drop
The crypto markets largely held steady over the weekend after Friday morning’s steep price drops erased recent increases.
The price of Bitcoin fell 8.4 per cent to just below $21,500 during trading hours – its biggest single-digit decline in two months – but managed to avoid further damage on Saturday and Sunday.
The largest cryptocurrency by market capitalisation is changing hands for $21,353 this morning, up one per cent over the past 24 hours.
Elsewhere, the price of Ethereum has also climbed 1 per cent since this time yesterday, currently sitting at $1,587. Traditional equities tumbled on Friday too, with the tech-focused Nasdaq and S&P 500 dropping two per cent and 1.2 per cent respectively. Will they recover when Wall Street opens today?
The markets’ slide on Friday followed an disappointing inflation report from Germany, Europe’s largest economy by gross domestic product. After better-than-expected US data the week before, analysts speculated that figures could increase the pace of interest rate hikes in the US. US central bank Chair Jerome Powell is scheduled to speak Friday at the Federal Reserve Bank of Kansas City’s Economic Policy Symposium. Will he calm investor nerves, or drive more speculation?
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Friday’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 $992 billion.
What Bitcoin did yesterday
We closed yesterday, August 21 2022, at a price of $21,534.12. The daily high yesterday was $21,668.85 and the daily low was $21,103.20.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $400.89 billion. To put it into context, the market cap of gold is $11.549 trillion and Tesla is $929.59 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $24.503 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 49.92%.
Fear and Greed Index
Market sentiment today is 29, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.23. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.26. 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
“The US dollar / fiat system is not sound money. It is unlimited in supply. Bitcoin is sound money. Limited in supply and with issuance governed by math and code, not people in fancy offices.”
Bruce Fenton CEO at Chainstone Labs
What they said yesterday
Somebody called the blockbusters…
Simple as that…
More than a store of value…
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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