Bitcoin holds just below $20k as sentiment remains low
The price of Bitcoin (BTC) remains below $20k this morning, flat over the past 24 hours at around $19,750 this morning. The Ethereum price is also roughly flat since this time yesterday, still at around $1,070.
The drop back below $20k means market sentiment has also slipped, having looked more positive earlier in the week. The Fear and Greed Index briefly climbed to 24, but has since fallen back to 15 this morning. This means the index has now sat in extremely fearful territory for a record 68-days.
June US CPI inflation numbers are released today, with analysts anticipating continued growth of the year-over-year CPI to 8.8%, up from the May year-over-year CPI of 8.6%. What will it mean for the price of crypto?
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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 $879 billion.
What Bitcoin did yesterday
We closed yesterday, July 12 2022, at a price of $19,323.91. The daily high yesterday was $20,043.45 and the daily low was $19,308.53.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $376 billion. To put it into context, the market cap of gold is $11.382 trillion and Tesla is $724.65 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,576 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 65.7%.
Fear and Greed Index
Market sentiment today is 15, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.88. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.61. 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
“[Bitcoin is] sort of like this peaceful Manhatten project. All the smartest people are coming together, from across languages, from around the world, to build this sovereign and arguably private money project. That’s amazing.”
Alex Gladstein, CSO at the Human Rights Foundation
What they said yesterday
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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
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