Stock markets look weak as price of Bitcoin fights to stay above $20,000
Bitcoin gained ground for a third consecutive day yesterday, jumping past $21,000 in Tuesday trading. However, the largest cryptocurrency by market capitalisation saw a drop overnight and is down five per cent at time of writing, holding just above $20k. Will it dip below that level again?
The current uncertainty is reflected in the Fear and Greed Index, which has now signalled ‘extreme fear’ for two months straight. This has never happened before in the index’s history. However, there are still buyers in the market. The seven-day average Bitcoin spot volume is currently $7.8 billion, close to its highest levels in the past year.
Stocks also rose yesterday as part of a wider rebound in assets. The tech-heavy Nasdaq rose 2.88%, and the S&P 500, which had its worst week since 2020 last week, gained 2.74%. However, things are looking weaker this morning, with the Stoxx 600 of Europe’s leading shares touching its lowest level since February 2020, and is now trading 1.8% lower at 401.26 points.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 $892 billion.
What Bitcoin did yesterday
We closed yesterday, June 21 2022, at a price of $20,710.60. The daily high yesterday was $21,620.63 and the daily low was $20,415.06.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $386 billion. To put it into context, the market cap of gold is $11.601 trillion and Tesla is $736.71 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28,254 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 73.33%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.17. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 28.55. 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
“There is no capacity to kill Bitcoin. Even the Chinese with their firewall and their extreme intervention in their society could not kill Bitcoin. […] My point here is: You can’t kill Bitcoin.”
Patrick McHenry, United States Representative
What they said yesterday
Generational Bitcoin…
Bitcoin the educator…
The future has arrived…
Crypto AM: Editor’s picks
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
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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. City AM, 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