Bitcoin slips below $29,000 and Ethereum now under $2,000 as crypto sell-off continues
There are few winners in crypto markets today as prices continue to slide after what seemed a promising rally on the back of cooling inflation numbers from the US last week.
Bitcoin (BTC) and Ethereum (ETH) struggled to hold support around key levels, with the leading crypto by market cap dipping first below $30k and later $29k. ETH is trading below $2k this morning.
The further sell-off, following on yesterday’s slide, may have been triggered by hot inflation figures coming from the Bank of England (BoE) this time, where inflation remains in double-digits at 10.1%.
As for inflation in the US, a recent poll by Reuters showed that economists are almost certain of another 0.25% rate hike by the Federal Reserve in May, after which things could hold steady for the rest of the year.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.217 billion.
What Bitcoin did yesterday
We closed yesterday, April 19, at a price of $28,822. The daily high yesterday was $30,411, and the daily low was $28,669.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $560.025 billion. To put it into context, the market cap of gold is $13.235 trillion and Tesla is $576.43 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.580 billion.
Fear and Greed Index
Market sentiment today is 58, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.51. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.45. 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.
Soundbite of the day
You want Bitcoin for the same reason you want running power or running water. Civilization is based on clean energy, clean water, and clean money.
Michael Saylor, CEO of MicroStrategy
What they said yesterday
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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.