Bitcoin gets a spring in its step again as US looks to tame inflation
There’s a bit more pep in the crypto markets this morning, with the largest cryptocurrency by market capitalisation trading at about $39,600 at time of writing, up around two per cent over the past 24 hours. Ether, the second-largest crypto by market cap, is changing hands for just $2,930, a three per cent gain.
The uptick breaks a general downward drift over recent weeks and follows the US central bank’s long-awaited half-point interest rate hike – the biggest interest rate rise in 22 years as it looks to tame soaring inflation. The move appears to have at least brought some certainty for investors, even if there’s little clarity where the economy is going next.
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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 $1.792 trillion.
What Bitcoin did yesterday
We closed yesterday, May 4 2022, at a price of $39,698.37. The daily high yesterday was $39,902.95 and the daily low was $37,732.06.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $751.78 billion. To put it into context, the market cap of gold is $12.009 trillion and Tesla is $986.92 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35.622 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 35.06%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.24. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.95. 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
“Decentralized and private payments are a necessary innovation for a digital future where we retain our civil liberties and personal freedoms.”
Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation
What they said yesterday
Can’t stop this…
Facts…
Sounds like a plan…
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
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
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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