Inflation continues to cast a shadow over crypto markets
The price of Bitcoin continues to hover at around $24k, dropping just 1.38 per cent over the past 24 hours to $23,810 this morning. Ether followed a similar pattern, settling at just below $1,800 at $1,773 – roughly flat since this time yesterday.
Other major cryptocurrencies spent much of yesterday firmly in the green but have dropped back slightly since then. The crypto markets continue to look stronger than traditional stocks, with the tech heavy Nasdaq falling 0.1 per cent yesterday while the Dow Jones Industrial Average (DJIA) rose 0.1 per cent.
The main topic of conversation continues to be inflation, with Elon Musk yesterday speculating on Twitter that the worst could now be behind us. Will he be proven correct?
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Friday’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
$1.123 trillion.
What Bitcoin did yesterday
We closed yesterday, August 8 2022, at a price of $23,809.49. The daily high yesterday was $24,203.69 and the daily low was $23,176.55.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $455.3 billion. To put it into context, the market cap of gold is $11.923 trillion and Tesla is $910.03 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.801 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 51.45%.
Fear and Greed Index
Market sentiment today is 42, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.37. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.09. 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
“Bitcoin’s resilience as a currency […] has no regard for borders, edicts or politics.”
Colin Harper Head of Content at Luxor
What they said yesterday
Resistance is futile…
The hero we deserve…
Tale as old as time…
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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
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