Crypto investors feeling the ups and downs as inflation figures set the tone
Yesterday was eventful. Bitcoin rose above $28K, reacting favourably to the latest lower-than-expected Consumer Price Index numbers, then dipped below $27K due to sudden selling pressure, which some say came from the US government, before regaining ground and settling around $27.5K, right back where it started.
The leading crypto is trading for $27.4K this morning, in the red by a marginal 0.62%. Ether at $1.822 is down by 1.5%.
The rest of crypto is either flat or slightly in the red, but there are a few outliers this morning. Uniswap counts among these and is up 3%.
Yesterday’s CPI numbers showed that inflation in the US rose at a slightly slower rate than expected. The SP500 and Nasdaq gained 0.45% and 1%, respectively, following the announcement. Investors now expect the Federal Reserve to pause rate hikes in its next June meeting but analysts say various economic headwinds threaten to sour the mood.
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 $1.138 billion.
What Bitcoin did yesterday
We closed yesterday, May 10, at a price of $27,621. The daily high yesterday was $28,322, and the daily low was $26,8835.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $533.389 billion. To put it into context, the market cap of gold is $13.406 trillion and Tesla is $534.18 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $20.780 billion.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.05. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.58. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Bitcoin just absorbed $277 million of sell pressure and held $27,000. You can’t kill it, you can’t turn it off, and if you try to sell it, someone can’t wait to buy it up.
Mike Alfred, Value investor
What they said yesterday
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Tether…
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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
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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.