Volatility returns to crypto markets and Bitcoin is back over $24k following mixed inflation info
Bitcoin retraced yesterday after the Fed’s mixed messaging of slowing markets with persistent high inflation before rallying again to $24,454 this morning – 1.84% stronger than yesterday.
The wider cryptocurrency market followed a similar pattern, the short of it being that the majority of cryptocurrencies are in the green today.
Today’s noteworthy mention goes to Chainlink. The native cryptocurrency of the data-bridge network is in the green by 6.9% over 24 hours and 9% over the last week.
Analysts expect volatility to be the norm as central banks continue to grapple with inflation while regulators decide the way forward with regulating the crypto industry.
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 $1.110 billion.
What Bitcoin did yesterday
We closed yesterday, February 22, at a price of $24,188. The daily high yesterday was $24,472, and the daily low was $23,644.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $471.255 billion. To put it into context, the market cap of gold is $12.121 trillion and Tesla is $635.54 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28.482 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 37.15%.
Fear and Greed Index
Market sentiment today is 56, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.25. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.9. 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
“Bitcoin operated for 11 years without anyone going around with a pager in their pocket. In those 11 years, AWS, Facebook and Google services went down multiple times. Just a month ago, Meta went down.”
Emin Gün Sirer
What they said yesterday
The signal is Bitcoin working exactly as it should, uninterrupted…
Bitcoin in Africa…
🔥
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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
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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.