It’s been an unsteady start to the week in the crypto markets, with the Bitcoin price dropping below $40k again on Saturday and falling further this morning to around the $38,500 mark.
The price of the leading cryptocurrency is currently down around three per cent over the past 24 hours. The fall means that Bitcoin yesterday closed a fourth consecutive weekly candle in the red for the first time since June 2020.
Other major cryptocurrencies have fared even worse, with Ethereum down four per cent. XRP and Uniswap are the big losers today, both down around eight per cent.
The price activity this morning echoes a wider decline across global financial markets amid anxiety over the general health of the global economy, with China’s fresh Covid-19 lockdowns adding to Russia’s invasion of Ukraine and the rising cost of living.
The correlation between Bitcoin and traditional markets has been high this year, and today’s crash is a key reason why it concerns many investors. The UK’s stock market has opened at its lowest in five weeks, while China’s stock market has tumbled 3.5 per cent today to its lowest level since late May 2020.
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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 $1.772 trillion.
What Bitcoin did yesterday
We closed yesterday, April 24 2022, at a price of $39,469.29. The daily high yesterday was $39,845.92 and the daily low was $39,233.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $732.84 billion. To put it into context, the market cap of gold is $12.173 trillion and Tesla is $1.038 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $24.18 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 36.95%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.07. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.23. 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
“In a world, going digital, Bitcoin is becoming collateral, and most investors are just starting to move from zero.”
Bloomberg senior commodity strategist Mike McGlone
What they said yesterday
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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