Markets struggle after worse-than-expected figures
It was a rough weekend in the crypto markets, with another round of bad inflation figures sparking fears the Federal Reserve may accelerate interest rate rises. Consumer price index (CPI) figures announced on Friday showed an 8.6 per cent increase on a year-over-year basis in May. The rise exceeded expectations that it would decline to 8.2 per cent from April’s 8.3 per cent, as reported.
The price of Bitcoin has fallen more than eight per cent over the past 24 hours, dropping as low as $25,000 this morning. Global equity markets also slumped on the CPI figures. The tech-focused Nasdaq plunged 3.5% per cent while the S&P 500 and Dow Jones Industrial Average were off over 2.5%.
Altcoins have been harder hit, with ether falling to its lowest level in more than 14 months. The second largest cryptocurrency by market cap was trading at roughly $1,320 this morning, down almost 10 per cent since this time yesterday and 30 per cent since this time last week. Will we see prices bounce back immediately this week, or is there further to fall?
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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 $994 billion.
What Bitcoin did yesterday
We closed yesterday, June 12 2022, at a price of $26,762.65. The daily high yesterday was $28,502.69 and the daily low was $26,762.65.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $479 billion. To put it into context, the market cap of gold is $11.808 trillion and Tesla is $721.77 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $51,124 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 42.83%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.25. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 28.06. 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
“Those that attempt to copy Bitcoin signal a failure to understand the properties that make Bitcoin valuable or viable as money.”
Parker Lewis, Head of Business Development at Unchained Capital
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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