The price of Bitcoin and other leading cryptocurrencies took a dramatic plunge this morning, with BTC dipping suddenly from almost $23,000 to below $22,000.
It’s unclear precisely what spooked the markets, although plenty of theories were doing the rounds long before things settled and Bitcoin found solid ground above $22,700.
Ethereum also felt the pain, dropping from $1,820 to $1,720 in a matter of minutes.
Not to be left out, Cardano’s ADA lost around 13 per cent of its value. It had been putting in a decent shift this week, sitting at $0.54 last night. It left this morning’s breakfast table at a slimmed-down $0.47.
Swatting aside the naysayers and harbingers of doom who have already penned Bitcoin’s obituary, the single most valuable takeaway from today’s data is in the buying volume.
Right now, only five per cent of Bitcoin traders are selling. A massive 95 per cent are buying – and that speaks volumes.
In other good news, Crypto AM yesterday announced the dates for the annual Crypto AM Summit and Awards – that yearly spectacular which belongs in the diary of every crypto and blockchain fan the world over.
Hosted by our very own James Bowater, two days of discussion and debate – coupled with workshops and world-class networking – will culminate in handing out awards in no less than 20 categories at our gala dinner on Thursday November 24.
For ticket information, head over to the summit and awards site – Crypto AM Summit & Awards 2022 – CityAM.
Have a great weekend!
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 $1.045 billion.
What Bitcoin did yesterday
We closed yesterday, August 18 2022, at a price of $23,212.74. The daily high yesterday was $23,563.83 and the daily low was $23,177.60.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $417.54 billion. To put it into context, the market cap of gold is $11.661 trillion and Tesla is $952.56 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31.284 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 45.45%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.86. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.61. 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 you want to change the world, don’t protest. Write code.”
Hal Finney, Developer and first Bitcoin recipient
What they said yesterday
Proof of value…
Another day, another block down…
A helpful illustration…
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
Crypto AM: Editor’s picks
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
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