Bitcoin volumes pick up, but price stays flat ahead of Fed’s interest rate decision
Bitcoin (BTC) has been roughly flat over the past week, coasting at just below the $40,000 level.
The largest cryptocurrency by market cap currently sits at $38,800 again this morning – up 0.5 per cent over the past 24 hours. Investors may be cheered somewhat by its resilience at this level as traditional markets sink even lower, but it appears they are still mired in the same uncertainty ahead of the US Federal Reserve’s interest rate decision tomorrow.
We are now entering the fourth week of the Fear and Greed Index indicating “Fear” or “Extreme Fear”. This is almost the longest period of fearful market sentiment in 2022.
Despite this, there has been a slight increase in Bitcoin’s trading activity this week after an unusually quiet middle of April. Although the spot volume remains in the same depressed range as it has been since February. Last weekend saw a relatively strong spot volume, in a potential sign that weekend traders could be returning to the market.
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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 $1.739 trillion.
What Bitcoin did yesterday
We closed yesterday, May 3 2022, at a price of $37,750.45. The daily high yesterday was $38,629.99 and the daily low was $37,585.62.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $735.55 billion. To put it into context, the market cap of gold is $11.885 trillion and Tesla is $941.99 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.543 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 32.83%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.65. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.38. 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.
Convince your Nan: Soundbite of the day
“Bitcoin reminds me of the early internet. They tried to stop it and now its a viable currency.”
Joe Rogan, Podcaster
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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