Crypto markets shuffle sideways as traders cautiously await CPI figures
Bitcoin and most of crypto continues to move sideways as investors wait for the latest Consumer Price Index (CPI) numbers from the US today.
Bitcoin is holding steady around $27.5k while Ethereum is trading around $1,8K.
Analysts expect CPI to hold steady at 5%, adding that if the numbers come in notably higher it could stir investor expectations of interest rates remaining flat or even coming down this year.
“We’re closer, or maybe even there,” Powell said after the last rate hike earlier this month, commenting on the possibility of a pause on hikes, but warned that rates are unlikely to come down this year.
“We on the committee have a view that inflation is going to come down not so quickly, it will take some time,” he told reporters, and “in that world, if that forecast is broadly right, it would not be appropriate to cut rates” this year.
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 9, at a price of $27,658. The daily high yesterday was $27,821, and the daily low was $27,375.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $533.948 billion. To put it into context, the market cap of gold is $13.433 trillion and Tesla is $536.12 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $13.561 billion.
Fear and Greed Index
Market sentiment today is 52, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.22. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.19. 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
We are able to help advance real-world applications of digital currencies — in this case making it possible for a soybean farmer to create and globally auction a tokenized contract on a permissioned version of the Ethereum blockchain, while utilizing different forms of money and interoperating between them.
Catherine Gu, global head, CBDC, Visa
What they said yesterday
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MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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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.