Third generation cryptocurrencies bearing the brunt of US regulatory scrutiny
Altcoin markets have had a rough weekend as regulators in the US continue to apply the pressure. Cryptos like MATIC (Polygon), AVAX (Avalanche), SOL (Solana) and ADA (Cardano) are each down more than 20% over seven days.
The Securities and Exchange Commission (SEC) has specifically identified these and a few other cryptocurrencies as securities, saying they should be regulated as such. The sell-off seems to have eased for now as the price of ADA has ticked up by 6% in the last day while other affected markets continue in the red, but less so.
Bitcoin is trading flat in this environment, sitting just under $26k, while Ether is down by less than a percentage point over 24 hours.
Analysts have noted the resilience of the market leaders in this volatile climate. It’s a big week for investors as the latest US Consumer Price Index (CPI) numbers are expected tomorrow, which will factor into the Federal Reserve’s meeting on Wednesday, where the way forward with rate hikes will be decided.
Friday’s Crypto AM Daily
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 $1.048 billion.
What Bitcoin did yesterday
We closed yesterday, June 10, at a price of $25,940. The daily high yesterday was $26,203, and the daily low was $25,668.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $501.88 billion. To put it into context, the market cap of gold is $13.031 trillion and Visa is $479.07 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $11.576 billion.
Fear and Greed Index
Fear and Greed is 47, today, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 49.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.47. 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.
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Crypto AM: Contributors
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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
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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.