Bitcoin anchored in calm waters, but crypto’s fickle waves always loom on the horizon
Bitcoin maintained its course of flat, sideways movement this morning, tacking between $29,300 and $24,000 as it has for much of the week.
Navigating a heading of $29,340, BTC is up half a per cent over seven days, but also down half a per cent from yesterday with little sign of the volatility currently affecting the US dollar which is reacting to inflation and job market data.
The data is pointing to the possibility of rates remaining unchanged. All will become clearer next week following the release of the Federal Reserve’s minutes.
Elsewhere, Ethereum – Bitcoin’s second fiddle – is also trading flat at $1,845 and mirroring BTC’s weekly and daily percentage movements.
The only notable movers this morning appear to be meme coin Shiba Inu notching a three per cent daily and 16 per cent weekly rise, while Access Protocol’s ACS is up 15 per cent in 24 hours, and maybe one to watch today following an interesting spike to $0.0026 at around 6am.
All-in-all, it’s shaping up to be a fairly quiet weekend in the cryptocurrency markets, but even when calm waters are on the forecast for crypto, gnarly waves and huge tidal swings can always be found somewhere.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.17 trillion
🔻 0.14%
What Bitcoin did yesterday
🔺 Daily high $29,719
🔻 Daily low $29,377
Bitcoin market capitalisation
🟠 BTC $$571.920 billion
🟡 Gold $12.866 trillion
💳 Visa $501.16 billion
Bitcoin volume
🪣 Total spot trading volume $11.57 billion
🔻 20.12%
SP500
🔺 0.025%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.54
Relative Strength Index (RSI)
💪 52.51
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, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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Cautionary Notes
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. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.