Gold as an investment

Markets struggle after worse-than-expected figures

Sep 23, 2022

Monday 13 June 2022 11:06 am

It was a rough weekend in the crypto markets, with another round of bad inflation figures sparking fears the Federal Reserve may accelerate interest rate rises. Consumer price index (CPI) figures announced on Friday showed an 8.6 per cent increase on a year-over-year basis in May. The rise exceeded expectations that it would decline to 8.2 per cent from April’s 8.3 per cent, as reported.

The price of Bitcoin has fallen more than eight per cent over the past 24 hours, dropping as low as $25,000 this morning. Global equity markets also slumped on the CPI figures. The tech-focused Nasdaq plunged 3.5% per cent while the SP 500 and Dow Jones Industrial Average were off over 2.5%. 

Altcoins have been harder hit, with ether falling to its lowest level in more than 14 months. The second largest cryptocurrency by market cap was trading at roughly $1,320 this morning, down almost 10 per cent since this time yesterday and 30 per cent since this time last week. Will we see prices bounce back immediately this week, or is there further to fall?

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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 $994 billion.

What Bitcoin did yesterday

We closed yesterday, June 12 2022, at a price of $26,762.65. The daily high yesterday was $28,502.69 and the daily low was $26,762.65.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $479 billion. To put it into context, the market cap of gold is $11.808 trillion and Tesla is $721.77 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $51,124 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 42.83%.

Fear and Greed Index

Market sentiment today is 11, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 48.25. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 28.06. 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

“Those that attempt to copy Bitcoin signal a failure to understand the properties that make Bitcoin valuable or viable as money.”

Parker Lewis, Head of Business Development at Unchained Capital

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

Cryptocurrency-loving parents Bruno Karno and his wife Agatha have named their first-born Cardano in honour of their favourite crypto.

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand

In an interview with Crypto AM, Bitcoin investor and podcaster Peter McCormack opens up about his purchase of Bedford FC.

Crypto AM: Features 

Crypto AM: Founders Series 

https://www.cityam.com/profile/crypto-am-founders-series/

Crypto AM: Industry Voices 

Changpeng 'CZ' Zhao, CEO of Binance

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Charles Hoskinson and James Bowater landscape

Crypto AM: Tomorrow’s Money with Gavin S Brown

Tomorrow's Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Dr Chris Kacher Mixing in the Metaverse

Crypto AM: Visions of the Future, Past Present with Alex Lightman 

Alex Lightman Visions of the future, past and present

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Monty Munford robbed out header

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Jonny Fry Taking a Byte out of Digital Assets

Crypto on the catwalk

Stefania Barbaglio 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


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