Crypto markets slide as Russia invades Ukraine
Crypto AM Daily in association with Luno
The geopolitical uncertainty in the Ukraine continues to rattle global financial markets, with losses for all major cryptocurrencies this morning. Bitcoin, the world’s largest cryptocurrency by market value, was changing hands for about $34,722 at time of writing, down almost 9 per cent over the past 24 hours.
The slide in prices followed news that Russian forces had advanced further into Ukrainian territory, with Russian President Vladimir Putin calling on the country’s forces to surrender and sending an ominous warning to the US and NATO not to get involved. The escalation makes further economic sanctions likely. Bitcoin recovered to $39,000 on Tuesday after retaliatory measures against the Russian economy did not go as far as many feared.
Other major cryptocurrencies have seen even more dramatic falls than Bitcoin. Ethereum was down almost 13 per cent on Thursday morning, and many large coins have dropped more than 10 per cent. after passing $39,000 on Tuesday. Stock markets have also tumbled, the Singaporean exchange falling more than 3% and UK’s FTSE 100 index opening 2.6 per cent down.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.561 trillion, down from $1.724 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 23 2022, at a price of $37,296.57, down from $38,286.03 the day before. The daily high yesterday was $39,122.39 and the daily low was $37,201.82.
This time last year, the price of Bitcoin closed the day at $49,705.33. In 2020, it closed at $9,650.17.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $662.08 billion. To put it into context, the market cap of gold is $12.338 trillion and Tesla is $789.64 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.075 billion, up from $23.239 billion yesterday. 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 53.25%.
Fear and Greed Index
Market sentiment today is 23, in Extreme fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.95. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.60. 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 can change the world, but the world cannot change Bitcoin.”
— Strike CEO, Jack Mallers
What they said yesterday
Michael, saying it how it is
This puts Bitcoin’s journey into context
But would you now?
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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
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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.
All information is correct as of 08:00 BST