Most leading cryptocurrencies experienced a dramatic pullback on yesterday, with worse-than-expected Consumer Price Index (CPI) figures sending investors into meltdown as their hopes that inflation might be finally under control were dashed.
This morning, the price of Bitcoin was down 8.5 per cent over the past 24 hours to $20,335. Ethereum was also down about 6.4 per cent since this time yesterday, changing hands for $1,601.
The CPI figures have kept up the pressure on the Federal Reserve for a large interest rate rise this month and triggered a dramatic sell-off on Wall Street, with the S&P 500 dropping as much as 2.7 per cent within the first hour of trading on Tuesday. The tech-heavy Nasdaq was down 3.3 per cent.
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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 $992 billion.
What Bitcoin did yesterday
We closed yesterday, September 13 2022, at a price of $20,296.71. The daily high yesterday was $22,673.82 and the daily low was $20,062.67.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $387.42 billion. To put it into context, the market cap of gold is $11.322 trillion and Tesla is $908.81 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $48.980 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 50.95%.
Fear and Greed Index
Market sentiment today is 27, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.49. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.36. 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
“Given that money is one half of every commercial transaction and that whole civilizations literally rise and fall based on the quality of their money, we are talking about an awesome power, one that flies under the cover of night.”
Ron Paul, former congressman and presidential candidate
What they said yesterday
An important distinction…
Time flys when your mining Bitcoin…
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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