Crypto markets take another hit amid darkening economic outlook
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Crypto at a glance
It’s a sea of red across the cryptocurrency markets today, with Bitcoin falling below $45k for the first time since last Tuesday. The largest cryptocurrency is currently down roughly seven per cent over the last 24 hours. Ethereum, the second-largest by market cap, has fallen even further, dropping nine per cent since yesterday morning to around the $3,100 mark. Other alt coins have seen similar drops of around 10 per cent.
Commentators are speculating that the drop is the result of increased chatter around regulatory crackdowns, with traders opting to take profits. The fall is also echoed by plunges across the wider traditional markets, with European stock markets all dropping sharply at the open too.
In the City, the blue-chip FTSE 100 has fallen to a two-month low in early trading.
The fall comes amid a blackening economic outlook, as the Delta variant of COVID-19 continues to wreak havoc, inflation continues to rise, and the supply chain suffers from blockages.
There are also rising fears that the growing crisis at property giant China Evergrande Group may become a systemic problem to global markets and trigger a wider sell off.
Some observers have called the Evergrande crisis China’s “Lehman moment”, with the company – which is China’s second-biggest developer – owing some $300bn to contractors, investors and homebuyers.
The potential return of a correlation between the crypto and traditional markets will spark memories of last year’s collapse, which saw the two move in lockstep for much of the turbulent beginning to COVID-19 as lockdowns kicked off around the world.
Will things get worse as we head into Winter? Can the crypto markets untangle themselves?
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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 $2,020,458,011.152.
What Bitcoin did yesterday
We closed yesterday, 19 September 2021, at a price of $47,260.22, down from $48,278.36 the day before. The daily high yesterday was $48,328.37 and the daily low was $46,919.80.
This time last year, the price of Bitcoin closed the day at $10,938.27. In 2019, it closed at $10,181.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $856.64 billion. To put it into context, the market cap of gold is $11.132 trillion and Facebook is $1.028 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,620,511,565. 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 41.33%.
Fear and Greed Index
Market sentiment today is 50.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.25, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.18. 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.
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“The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.”
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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