Crypto markets stabilise as investors wait for imminent inflation figures
And just like that the green candles are back. It’s been a curious week for the crypto industry, with the Securities and Exchange Commission continuing its combative streak against US exchanges and certain digital assets.
Cryptocurrencies that saw large sell-offs in the wake of this regulatory pressure have since stabilised, while Bitcoin and Ether move sideways in the green this morning. But, over a seven-day period, the damage in the markets is still clear, with Bitcoin and XRP being among a few to gain ground during this time.
Analysts say investors are keeping their fingers on the buzzer for the Consumer Price Index (CPI) data from the US to be released later today, while the Federal Reserve meets tomorrow to decide whether to raise or hold interest rates.
A cut is unlikely, say commentators. Reuters noted that Fed fund futures indicated that the majority of traders are convinced the Fed will keep interest rates in the 5 to 5.25% range, with 50% odds of another 0.25% hike in July.
Yesterday’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 $1.061 billion.
What Bitcoin did yesterday
We closed yesterday, June 13, at a price of $25,902. The daily high yesterday was $26,087, and the daily low was $25,675.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $505.892 billion. To put it into context, the market cap of gold is $13.041 trillion and Visa is $484.66 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $11.552 billion.
Fear and Greed Index
Fear and Greed is 45, today, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 49.21. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42. 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.
What they said yesterday
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Crypto AM: Editor’s picks
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Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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
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.