Global markets drop as US interest rates set for further rises
The price of Bitcoin (BTC) is down by nearly three per cent this morning, from a high of $30,600 yesterday to around $29k.
The decline tracks losses in US stock markets, which last night posted the biggest daily drop in almost two years amid concerns about faltering economic growth as central bankers look to continue to raise interest rates to battle runaway inflation. European equity markets have also opened lower this morning.
The fresh round of jitters among investors seems to have been sparked by Fed chair Jerome Powell’s declaration yesterday that he is determined to keep lifting interest rates until inflation falls meaningfully.
“We know that this is a time for us to be tightly focused on the time ahead and getting inflation back down to two per cent,” Powell said.
“No one should doubt our resolve in doing that… what we need to see is inflation coming down in a clear and convincing way.”
Other major cryptocurrencies continue to underperform Bitcoin, suggesting a lower appetite for risk among crypto traders. The price of Ether (ETH) is down by 4.5 per cent over the past 24 hours, while others such as Chainlink (LINK) and Uniswap (UNI) are down by eight or nine per cent. Bitcoin’s dominance continues to climb, currently sitting at highs of 45 per cent not seen since last October.
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.241 trillion.
What Bitcoin did yesterday
We closed yesterday, May 18 2022, at a price of $28,720.27. The daily high yesterday was $30,618.72 and the daily low was $28,720.27.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $555.52 billion. To put it into context, the market cap of gold is $11.499 trillion and Tesla is $735.37 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.707 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 53.45%.
Fear and Greed Index
Market sentiment today is 13, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.07. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.85. 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
“The internet requires a currency native to itself, and in looking at the entire ecosystem of technologies to fill this role, it’s clear that Bitcoin is currently the only candidate.”
Jack Dorsey, CEO of Square
What they said yesterday
Orange is the new black…
Bringing Bitcoin to the masses…
Crossover of the century…
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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