Gary Gensler’s ongoing dogfight with crypto rattles digital asset markets
Bitcoin is down more than 4% this morning, while Ether is in the red by around 3%.
Third-generation cryptos have taken the brunt of yesterday’s sell-off, some coins recording losses of 7% or more.
The latest volatility comes as the Securities and Exchange Commission (SEC) has filed a fresh slew of lawsuits against an exchange operating in the US.
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 $1.091 billion.
What Bitcoin did yesterday
We closed yesterday, June 5, at a price of $25,760. The daily high yesterday was $27,129, and the daily low was $25,445.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $499.588 billion. To put it into context, the market cap of gold is $13.027 trillion and Visa is $474.94 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $20.338 billion.
Fear and Greed Index
Fear and Greed is 44, today, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.34. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.03. 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.
What they said yesterday
It’s hard to imagine any traders looking at the SEC’s allegations and thinking that anything there is damaging for the Bitcoin bull thesis. However, given the extent of cross collateralization in the space, paired with exaggerated correlations, it’s not surprising to see Bitcoin selling off.”
Strahinja Savic, head of data and analytics at Toronto-based crypto platform FRNT Financial
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Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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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.