Stock markets look weak as price of Bitcoin fights to stay above $20,000
Bitcoin gained ground for a third consecutive day yesterday, jumping past $21,000 in Tuesday trading. However, the largest cryptocurrency by market capitalisation saw a drop overnight and is down five per cent at time of writing, holding just above $20k. Will it dip below that level again?
The current uncertainty is reflected in the Fear and Greed Index, which has now signalled ‘extreme fear’ for two months straight. This has never happened before in the index’s history. However, there are still buyers in the market. The seven-day average Bitcoin spot volume is currently $7.8 billion, close to its highest levels in the past year.
Stocks also rose yesterday as part of a wider rebound in assets. The tech-heavy Nasdaq rose 2.88%, and the S&P 500, which had its worst week since 2020 last week, gained 2.74%. However, things are looking weaker this morning, with the Stoxx 600 of Europe’s leading shares touching its lowest level since February 2020, and is now trading 1.8% lower at 401.26 points.
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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 $892 billion.
What Bitcoin did yesterday
We closed yesterday, June 21 2022, at a price of $20,710.60. The daily high yesterday was $21,620.63 and the daily low was $20,415.06.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $386 billion. To put it into context, the market cap of gold is $11.601 trillion and Tesla is $736.71 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $28,254 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 73.33%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.17. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 28.55. 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
“There is no capacity to kill Bitcoin. Even the Chinese with their firewall and their extreme intervention in their society could not kill Bitcoin. […] My point here is: You can’t kill Bitcoin.”
Patrick McHenry, United States Representative
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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