Bitcoin dips below $19k before recovering, with US inflation at 40-year high
The US consumer price index (CPI) yesterday showed June inflation hitting a 40-year high of 9.1 per cent, outstripping analyst’s expectations of an 8.8 per cent increase. Bitcoin dropped immediately after the news, falling below $19k for the first time in 10 days.
The price of the market leader has since recovered to just below the $20k mark, having climbed one per cent over the past 24 hours to $19,994 this morning.
The uptick also comes despite the announcement today that crypto lending platform Celsius has filed for Chapter 11 bankruptcy, with its lawyers starting to notify individual United States state regulators as of Wednesday.
Celsius was forced to halt withdrawals last month due to “extreme market conditions” – a move which caused concern for many in the crypto community. Was the bankruptcy already priced in?
Other major cryptocurrencies also fell on the CPI announcement, though have since recovered and are broadly flat this morning. Ethereum is currently up 0.88 per cent since this time yesterday, to $1,083.78.
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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 $889 billion.
What Bitcoin did yesterday
We closed yesterday, July 13 2022, at a price of $20,212.07. The daily high yesterday was $20,223.05 and the daily low was $18,999.05.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $380 billion. To put it into context, the market cap of gold is $11.316 trillion and Tesla is $736.99 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,057 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 58.29%.
Fear and Greed Index
Market sentiment today is 18, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.74. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.38. 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.
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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