Bitcoin back above $20,000 despite Friday’s Federal Reserve comments
The price of Bitcoin failed to hold above $20k over the weekend, with the leading cryptocurrency by market value yesterday slipping to $19,600 – a six-week low.
However, it has been a brighter start to the week and the price of Bitcoin has recovered somewhat this morning, climbing once again above the psychologically-important $20k mark. It is currently changing hands for $20,506, up three per cent since this time yesterday.
The dip followed remarks by the US Federal Reserve on Friday that appeared to reinforce the hawkish stance on inflation and interest rates, with assets considered riskier seeing a significant sell off across the board and both crypto and equity markets feeling the impact.
Other major cryptocurrencies have also seen a bounce after the weekend dip, with the price of Ethereum navigating its way back to $1,590 – up 9.7 per cent increase over the past 24 hours. The price of Uniswap and Avalanche are also up more than 10 per cent since this time yesterday, with the majority seeing single-digit gains.
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Friday’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 $996.955 billion.
What Bitcoin did yesterday
We closed yesterday, August 29 2022, at a price of $20,297.99. The daily high yesterday was $20,357.46 and the daily low was $19,600.79
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $392.7 billion. To put it into context, the market cap of gold is $11.508 trillion and Tesla is $886.07 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.645 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 39.95%.
Fear and Greed Index
Market sentiment today is 27, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.19. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.48. 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
“Eventually, I will probably be working in Bitcoin.”
Prince Philip of Serbia
What they said yesterday
Still bullish…
Good for trade…
All in good time…
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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
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https://www.youtube.com/watch?v=dvqNMNZTIDE
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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.
All information is correct as of 08:00 BST