Crypto markets drop again as investors eye incoming interest rate announcement
The price of bitcoin (BTC) has dropped again this morning. The largest cryptocurrency by market capitalisation is changing hands for $21,105 at time of writing, down 3.86 per cent over the past 24 hours.
The price of Ethereum (ETH), the second-largest crypto by market cap, has also dropped again this morning. It was recently changing hands for $1,415, down more than 7 per cent since this time yesterday. Other major cryptocurrencies were also mostly down.
Crypto’s decline contrasts with traditional equity markets, with major indices including the S&P 500 and the Nasdaq broadly flat yesterday ahead of the US central bank’s expected announcement that they will hike interest rates later this week.
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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
$970.14 billion.
What Bitcoin did yesterday
We closed yesterday, July 25 2022, at a price of $21,361.70 The daily high yesterday was $22,649.12 and the daily low was $21,361.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $402.92 billion.To put it into context, the market cap of gold is $11.26 trillion and Tesla is $841.12 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,961 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 52.63%.
Fear and Greed Index
Market sentiment today is 26, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.56. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.44. 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
“The majority of respondents agree that cryptocurrency will positively advance our financial system and disagree with the notion that cryptocurrency is primarily used by criminals.”
- Chainalysis 2022 State of Cryptocurrency Investigations Survey
What they said yesterday
Slowly, then suddenly
Do your own research
Let it ride
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