Groundhog Day for Bitcoin as crypto uncertainties linger
It’s another day in the red for Bitcoin, Ethereum and the rest of crypto as a mix of uncertainties around the US debt ceiling, crypto regulation, and renewed worries about inflation in the UK continue to plague traditional and crypto markets.
The price of Bitcoin fell a further 2% to the lower end of $26k while Ethereum dropped below $1.8k and continues to trade in line with the leading crypto.
There are few winners in the markets today, with most coins also losing their gains over seven days.
A lot has been made about the impasse on the debt ceiling deal in the US and its stalling effect on markets.
The big question is whether a successful deal will be the catalyst for investors to jump back in.
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 $1.103 billion.
What Bitcoin did yesterday
We closed yesterday, May 24, at a price of $26,334. The daily high yesterday was $27,224, and the daily low was $26,106.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $508.419 billion. To put it into context, the market cap of gold is $12.934 trillion and Visa is $465.48 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.010 billion.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.73. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.05. 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
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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
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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.