Omicron uncertainty continues to spook cryptocurrency markets
It was a quiet weekend in the crypto markets, with the US Federal Reserve’s long-awaited decision on pandemic stimulus efforts bringing a degree of certainty that’s been lacking lately and apparently settling hotter heads.
Bitcoin is down slightly today, falling almost two per cent over the past 24 hours to just above the $46k mark. The leading cryptocurrency has dropped in value by about five per cent in the last week.
Last weeks’ announcement by the Fed hasn’t ended the uncertainty though, with tighter restrictions increasingly looking likely as governments try to dull the impact of the Omicron Covid variant. The FTSE 100, a share index of the 100 companies listed on the London Stock Exchange, is set for a 1.9 per cent decline on opening, while Germany’s Dax benchmark index and France’s Cac 40 are looking at drops of around 2.4 per cent.
It’s worse news down the rankings, with other major cryptocurrencies seeing more significant price drops. Ethereum is down by three per cent since yesterday morning to around $3,800. The overall crypto market is down by about one per cent in the last 24 hours and is currently valued at $2.15 trillion.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,167,566,273,160.
What Bitcoin did yesterday
We closed yesterday, December 19 2021, at a price of $46,707.01, down from $46,848.78 the day before. The daily high yesterday was $48,089.66 and the daily low was $46,502.95.
This time last year, the price of Bitcoin closed the day at $23,477.30. In 2019, it closed at $7,218.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $880.81 billion. To put it into context, the market cap of gold is $11.449 trillion and Tesla is $936.54 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was
$27,707,170,491. 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 57.49%.
Fear and Greed Index
Market sentiment today is 25, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.69. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.90. 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
“I am a huge believer in this technology.”
Former SEC chair, Jay Clayton, on Bitcoin & crypto
What they said yesterday
For a little perspective…
It’s everything…
All part of the process…
Crypto AM: Editor’s picks
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Crypto could give London a unique post-Brexit advantage, says Hammond
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New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
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Crypto AM: Features
Crypto AM: Spotlighthttps://morningwire.eu/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founders Series https://morningwire.eu/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry Voices https://morningwire.eu/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowaterhttps://morningwire.eu/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://morningwire.eu/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://morningwire.eu/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://morningwire.eu/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://morningwire.eu/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021https://morningwire.eu/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://morningwire.eu/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Day one…https://morningwire.eu/financial-services-bill-time-to-act/embed/
Day two…https://morningwire.eu/financial-institutions-should-consider-appointing-ai-officers/embed/
Day three…https://morningwire.eu/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/
Day four…https://morningwire.eu/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/
Day five…https://morningwire.eu/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/
Crypto AM: Events
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