Crypto markets suffer, but deep red slide has levelled out over interest rate fears
Leading cryptocurrencies continue to struggle this morning, with the price of Bitcoin still sitting at around $19k after dropping below the psychologically-important $20k level last week. The largest cryptocurrency by market value is changing hands for $19,349 this morning – an increase of 4.47 per cent since this time yesterday, but down 14 per cent since this time last week.
The price of Ethereum, the second-largest cryptocurrency by market value, was also about five per cent higher at $1,357, arresting a slide that started after last week’s successful Ethereum Merge. The price of Etherereum has fallen approximately 17 per cent since the Merge and more than 20 per cent since this time last week, suggesting that it was already ‘priced in’ by investors.
The economic agenda continues to be dominated by interest rates, with investors this week watching Wednesday’s Federal Open Market Committee (FOMC) meeting carefully for a decision on the next potential rise.
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Friday’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 $937 billion.
What Bitcoin did yesterday
We closed yesterday, September 19 2022, at a price of $19,544.13. The daily high yesterday was $19,639.48 and the daily low was $18,390.32.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $371.09 billion. To put it into context, the market cap of gold is $11.107 trillion and Tesla is $961.51 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was
$35.841 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 48.43%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.13. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.53. 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.
Convince your Nan: Soundbite of the day
“Crypto anarchy is a pivotal tool to reduce government power, and enable freedom and privacy.”
Adam Back, British cryptographer, cypherpunk and CEO of Blockstream
What they said yesterday
Welcome to the club…
In BTC we trust…
Energy of the future…
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MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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Crypto AM: Features
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