Global financial markets jittery amid fresh China Covid lockdowns
It’s been an unsteady start to the week in the crypto markets, with the Bitcoin price dropping below $40k again on Saturday and falling further this morning to around the $38,500 mark.
The price of the leading cryptocurrency is currently down around three per cent over the past 24 hours. The fall means that Bitcoin yesterday closed a fourth consecutive weekly candle in the red for the first time since June 2020.
Other major cryptocurrencies have fared even worse, with Ethereum down four per cent. XRP and Uniswap are the big losers today, both down around eight per cent.
The price activity this morning echoes a wider decline across global financial markets amid anxiety over the general health of the global economy, with China’s fresh Covid-19 lockdowns adding to Russia’s invasion of Ukraine and the rising cost of living.
The correlation between Bitcoin and traditional markets has been high this year, and today’s crash is a key reason why it concerns many investors. The UK’s stock market has opened at its lowest in five weeks, while China’s stock market has tumbled 3.5 per cent today to its lowest level since late May 2020.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.772 trillion.
What Bitcoin did yesterday
We closed yesterday, April 24 2022, at a price of $39,469.29. The daily high yesterday was $39,845.92 and the daily low was $39,233.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $732.84 billion. To put it into context, the market cap of gold is $12.173 trillion and Tesla is $1.038 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.18 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 36.95%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.07. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.23. 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
“In a world, going digital, Bitcoin is becoming collateral, and most investors are just starting to move from zero.”
Bloomberg senior commodity strategist Mike McGlone
What they said yesterday
Big news?
Every day we’re hodlin’…
Happy Anniversary…
Crypto AM: Editor’s picks
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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