Sleepy crypto markets as Fed Chair heads to Congress
Bitcoin is trading for $22,422 this morning, up by a barely noticeable 0.13% as markets continue to move sideways.
At $1,569, Ethereum is following the same pattern. Analysts say crypto’s vitals all point to a general sense of listlessness as markets await the Fed Chair’s comments at the Senate Banking Committee this morning, as part of his semi-annual testimony on monetary policy.
Jerome Powell has the tough job of wrestling stubborn inflation using interest rate hikes, while trying to preserve the US economy at the same time. No doubt, investors will be watching the news closely.
Yesterday’s Crypto AM Daily in association with Luno
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 $1.026 billion.
What Bitcoin did yesterday
We closed yesterday, March 6, at a price of $22,429. The daily high yesterday was $22,584, and the daily low was $22,331.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $433.122 billion. To put it into context, the market cap of gold is $12.225 trillion and Tesla is $613.23 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $15,621 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 39.16%.
Fear and Greed Index
Market sentiment today is 48, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.77. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.97. 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 fam: Soundbite of the day
“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase.”
Satoshi Nakamoto, Bitcoin’s founder
What they said yesterday
Nope…
Go long…
Crypto evolution…
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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
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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.