Crypto bulls run out of steam as market volatility continues
Bitcoin and Ethereum have retraced following yesterday’s recovery from a sharp drawdown earlier in the week.
The market leader continues to trade in the range between $26k and $27k, while Ether follows a similar trading pattern.
The selloff on Tuesday this week came as the Securities and Exchange Commission (SEC) in the US continued its aggressive campaign against crypto companies inside its borders.
Analysts noted the crypto market response was comparatively muted as the news may already have been priced in. Ether remains flat over the week while BTC is down 1.5% over seven days.
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 $1.102 billion.
What Bitcoin did yesterday
We closed yesterday, June 7, at a price of $26,346. The daily high yesterday was $27,313, and the daily low was $25,434.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $512.702 billion. To put it into context, the market cap of gold is $12.942 trillion and Visa is $471.8 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $17.295 billion.
Fear and Greed Index
Fear and Greed is 50, today, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.06. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.53. 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.
What they said yesterday
Many investors are waiting for recession, and that seems to be affecting everything except the top end of the market. As the leaderboard through May shows, the big growers stand alone (among equities, at least).
Jurrien Timmer, Director of Global Macro at Fidelity Investments
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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.