The slide continues in financial markets this morning, with no exceptions for crypto. The price of bitcoin approached $30,000 yesterday – the lowest since July 2021.
The leading cryptocurrency by market capitalization has since rebounded somewhat, changing hands for around $32,000 at the time of writing. However, it is still down 4% since this time yesterday and 16% since this time last week.
Ethereum price only did slightly better, losing around 2% in the past day. However, other alt coins fell more.
Again, the price of major cryptocurrencies appears to be echoing global equities, which on Monday suffered their worst one-day decline since the outbreak of the coronavirus pandemic in 2020. There does not appear to have been any specific catalyst this time, instead analysts are indicating growing pessimism about the state of the world’s major economies which seems to be reaching a fever pitch. China’s tumbling export growth and weak manufacturing figures in Germany and France have helped to increase rumors of a recession, coming just as central banks are reining in stimulus measures amid the crisis. and enact interest rate hikes.
Although the situation may look grim, there are also positive signs that the economy may be getting back on track.
Consumer spending remains strong, while the labor market in most major economies appears to be in good shape. These sudden drops are nothing new to the crypto markets or traditional financial markets, but can understandably scare off new investors.
Billionaire business magnate Warren Buffett once said “be fearful when others are greedy and greedy when others are fearful,” and there is definitely opportunity when others around you lose their minds.
Remember though, never invest more than you can afford to lose and exercise caution when investing. Cryptocurrency is a long-term investment and it’s always best to zoom out and see the big picture before making any emotional decisions based on what seems to be the current mood.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin Economy
*Definitions and ideas can be found at https://bytetree.com/research
Total Crypto Market Cap
The total capitalization of the entire cryptocurrency market at the time of writing is currently $1.463 trillion.
What Bitcoin Did Yesterday
We closed yesterday, May 9, 2022, at the price of $30,296.95. Yesterday’s daily high was $34,222.07 and the daily low was $30,296.95.
bitcoin market capitalization
The market capitalization of Bitcoin at the time of writing is $607.6 billion. To put this into context, Gold’s market cap is $11.826 billion and Tesla’s is $815.45 billion.
The total spot trading volume reported by all exchanges in the last 24 hours was $81.582 billion. High volumes may indicate that a large price move has stronger support and is more likely to be supported.
Bitcoin price volatility over the past 30 days is 45.32%.
Fear and Greed Index
Market sentiment today is tenin Extreme Fear.
Bitcoin market dominance
Bitcoin market dominance today is 41.78. His lowest dominance on record was 37.09 on January 1, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 33.41. Values of 70 or higher indicate that an asset is becoming overbought and may be primed for a trend reversal or undergoing a price correction – an RSI reading of 30 or lower indicates an oversold or undervalued condition.
Convince your grandmother: extract of the day
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is unduplicable in the digital world has enormous value.”
Eric Schmidt, former CEO of Google
what they said yesterday
The future is bright…
Keep calm and keep HODLing…
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It’s certainly tempting to get carried away with the excitement, but please heed these caveats: do your own research, only invest what you can afford, and make good decisions. The indicators in this article will hopefully help you. Remember though, the content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information correct as of 08:00 BST