Bitcoin’s short-lived breakout lacks momentum
The cryptocurrency markets saw a brief breakout yesterday, with the price of Bitcoin popping back above $30k for the first time in two weeks.
The market leader was unable to sustain the momentum and has since dropped back below the important level, where it’s now been hovering for a number of weeks. Bitcoin was changing hands for around $29,800 this morning, up 2 per cent over the past 24 hours.
Elsewhere, Solana (SOL) and Toncoin (TON) both led the way with increases of 5 per cent since yesterday. Volatile memecoin Shiba INU has increased in price 10 per cent over the past day and 20 per cent over the week.
Analysts suggest the price moves could be linked to fresh concerns about the US banking following Moody’s downgrade of ten mid-sized US banks, while long-time Bitcoin doom monger Peter Schiff cited the potentially-imminent SEC approval of multiple spot Bitcoin ETFs – considered a game changer for the reputation of the industry and its acceptance as an asset class by traditional finance.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.145 trillion
🔺 0.09%
What Bitcoin did yesterday
🔺 Daily high $30,176
🔻 Daily low $29,113
Bitcoin market capitalisation
🟠 BTC $579.19 billion
🟡 Gold $12.932 trillion
💳 Visa $501.16 billion
Bitcoin volume
🪣 Total spot trading volume $21.772 billion
SP500
🔺 0.35%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.61
Relative Strength Index (RSI)
💪 58
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, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
Whether you’re a Bitcoin expert or a total newbie – or even somewhere in between – you can now join the new HODLers Telegram community to learn more… or share your insights with others!
Our goal is simple: to provide a safe place where people can ask any question they want about Bitcoin, even if they think it’s a daft one! Learning Bitcoin takes time and we generally have the same questions when we first encounter it, so we know from our own experience having somewhere to ask a real person a specific question can be of great value!
There’s also access to great learning resources and, to cap it all off, we run monthly competitions to win great prizes such as tickets for events, VIP passes, exclusive access to talks and webinars or even just some Sats to add to your stack, all courtesy of our partners!
Even better, the whole thing is completely FREE!
So, if you’re a beginner, or know someone who is, take our fun five question multiple choice quiz and join the group today. Of course, if you’re an expert, you’re also welcome to join and help others who are looking to understand Bitcoin as an asset and the industry as a whole.
T’s and C’s: Open to UK residents only. All ages are welcome in the community, but you need to be over 18 to enter competitions. No purchase required.
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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
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.