It’s been a shaky start to August in the crypto markets, after things seemed to have settled down somewhat in July. The price of bitcoin has now fallen for four straight days, though it is still up 9 per cent over the past seven days and has largely held in the zone between $22-24k. The largest cryptocurrency by market capitalisation is down 1.5 per cent over the past 24 hours at time of writing, changing hands for around $22,800.
Elsewhere, altcoins have also seen a slow start to the week. Altcoins dominated July’s recovery, but the majority are down by 4 per cent or more this morning. The price of Ethereum (ETH) has seen a 5 per cent drop since yesterday, with the price currently sitting at around $1,582.
The price movements in crypto continue to echo traditional markets, which have also struggled to build on last week’s momentum in the early part of this week amid increased geopolitical tensions between the US and China. Since last week’s announcement that the Fed was hiking interest rates by 75bps, the S&P 500 has climbed 5 per cent and Nasdaq by 6 per cent. However, yesterday the futures tied to the S&P 500 fell 0.3 per cent, suggesting the mood had turned negative.
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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
What Bitcoin did yesterday
We closed yesterday, August 1 2022, at a price of $23,314.20 The daily high yesterday was $23,464.79 and the daily low was $22,890.80.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $436.62 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $931.5 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $27.463 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 54.71%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.43. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.96. 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
“Bitcoin will change us more than we will change it.”
Marty Bent Founder of TFTC
What they said yesterday
Nothing good comes easy
An important anniversary
When you know, you know
Crypto AM: Editor’s picks
Walmart confirms it is not partnering with Litecoin
Morgan Stanley to launch new research team led by Sheena Shah
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
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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