Crypto markets up after US Federal Reserve raises interest rates
The US Federal Reserve yesterday raised interest rates for the first time since 2018, in a long-anticipated move that many have credited as a major driving factor in the markets this year.
The US central bank announced that it was lifting its benchmark rate by 0.25 percentage points. In comments that have led to speculation that the rise could be the first of many, Fed chair Jerome Powell told reporters: “I’m old enough to remember what very high inflation was like. We’re strongly committed as a committee to not allowing this higher inflation to become entrenched.”
The markets appear to have reacted favourably to the certainty provided by the news at least. The price of Bitcoin (BTC) fell about three per cent immediately following the announcement, but has since recovered. The leading cryptocurrency is currently changing hands at just below the $41k mark, up three per cent over the past 24 hours. Other major cryptocurrencies are also up over the past 24 hours, with the Ethereum price climbing about four per cent. The move echoes traditional markets, with Wall Street also closing higher. The S&P 500 jumped over two per cent.
In other news, Ukrainian President Volodymyr Zelenskyy yesterday legalised crypto in the country. The new law will allow foreign and Ukrainian crypto exchanges to operate legally in Ukraine, in what many are calling a vital step towards the creation of a legal market for virtual assets in the country. Ukraine has received at least $100 million in crypto donations so far from people wanting to support its defences and help fund humanitarian efforts.
Consumer sentiment also seems to have ticked up on the news. The Fear and Greed Index has ticked slightly up into just Fear for the first time in more than a week. Is it the start of a swing in momentum?
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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 $1.823 trillion, up from $1.749 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 16 2022, at a price of $41,143.93, up from $39,338.79 the day before. The daily high yesterday was $41,465.45 and the daily low was $39,022.35.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $774.68 billion. To put it into context, the market cap of gold is $12.287 trillion and Tesla is $901.22 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34.131 billion up from $32.318 billion the day before. 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 63.06%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.47. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.23. 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
“Billionaire and Legendary investor Jeffrey Gundlach says he would buy #bitcoin over gold in the short term.
“Gold is quickly become stripped of its role as the premier safe haven asset.”
Dennis Porter
What they said yesterday
Advice for the next gen…
Playing for a living…
Rich Dad says…
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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