Sentiment shows no sign of improving as inflation narrative continues to impact Bitcoin price
The impact of last week’s higher-than-expected inflation figures continues to echo this week, with both Wall Street and cryptocurrency markets still struggling this morning.
The price of Bitcoin is down 2.8 per cent over the past 24 hours at $18,853, while the price of Ethereum is also down 2.8 per cent over the same time frame to $1,325.
The economic agenda continues to be dominated by interest rates, with investors focused on today’s Federal Open Market Committee (FOMC) meeting for a decision on the next potential interest rate rise. All FOMC events have seen volatility in the last year, and it’s unlikely that today will be any different after last week’s inflation shock.
The sentiment in the crypto market has also shown no sign of improvement since last week and has now been fearful since early April, as indicated by the Fear and Greed Index. The market sentiment improved slightly ahead of Ethereum’s merge last week, but has since fallen considerably.
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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 $920.799 billion.
What Bitcoin did yesterday
We closed yesterday, September 20 2022, at a price of $18,890.79. The daily high yesterday was $19,602.46 and the daily low was $18,813.46.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $363.01 billion. To put it into context, the market cap of gold is $11.086 trillion and Tesla is $960.45 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was
$34.990 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 47.33%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.88. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.17. 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
“It’s important to note that global adoption [of crypto] remains well above its pre-bull market 2019 levels.”
Chainalysis, The 2022 Global Crypto Adoption Index Top 20
What they said yesterday
Probably nothing…
Accessible money…
The wood for the trees…
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Crypto AM: Editor’s picks
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Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
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The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
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