Crypto markets remain flat as stocks fall
The price of Bitcoin is holding strong at just above the $30k mark this morning, roughly flat over the past 24 hours.
It means the largest cryptocurrency stays close to the middle of the price range it’s been stuck in for much of the past month between $28k and $31,500. What will it take to break out of the cycle?
It’s a similar story for other major cryptocurrencies too, with only Cardano registering a gain above one per cent this time yesterday.
As noted yesterday, crypto markets and equities have been moving in different directions recently after being closely correlated in their performance for much of the year. The trend seems to be continuing, though in a more positive direction for crypto than last week when crypto was falling as stocks went up.
The S&P 500 and Nasdaq both saw drops of about one per cent yesterday.
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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 $1.248 trillion.
What Bitcoin did yesterday
We closed yesterday, June 8 2022, at a price of $30,214.36. The daily high yesterday was $31,253.69 and the daily low was $29,944.40.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $580 billion. To put it into context, the market cap of gold is $11.75 trillion and Tesla is $751.72 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $23,888 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 52.43%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.23. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.47. 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 is unique. No other network in the world has the level of adoption and level of security that Bitcoin has.”
Michael Saylor, Microstrategy CEO
What they said yesterday
An important moment…
Protecting your purchasing power one Sat at a time…
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Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
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Crypto crazy couple name baby after favourite digital asset
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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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
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