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Sunday, June 26, 2022

Omicron uncertainty continues to spook cryptocurrency markets

It was a quiet weekend in the crypto markets, with the US Federal Reserve’s long-awaited decision on pandemic stimulus efforts bringing a degree of certainty that’s been lacking lately and apparently settling hotter heads.

Bitcoin is down slightly today, falling almost two per cent over the past 24 hours to just above the $46k mark. The leading cryptocurrency has dropped in value by about five per cent in the last week.

Last weeks’ announcement by the Fed hasn’t ended the uncertainty though, with tighter restrictions increasingly looking likely as governments try to dull the impact of the Omicron Covid variant. The FTSE 100, a share index of the 100 companies listed on the London Stock Exchange, is set for a 1.9 per cent decline on opening, while Germany’s Dax benchmark index and France’s Cac 40 are looking at drops of around 2.4 per cent. 

It’s worse news down the rankings, with other major cryptocurrencies seeing more significant price drops. Ethereum is down by three per cent since yesterday morning to around $3,800. The overall crypto market is down by about one per cent in the last 24 hours and is currently valued at $2.15 trillion.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Friday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,167,566,273,160.

What Bitcoin did yesterday

We closed yesterday, December 19 2021, at a price of $46,707.01, down from $46,848.78 the day before. The daily high yesterday was $48,089.66 and the daily low was $46,502.95. 

This time last year, the price of Bitcoin closed the day at $23,477.30. In 2019, it closed at $7,218.82. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $880.81 billion. To put it into context, the market cap of gold is $11.449 trillion and Tesla is $936.54 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was 

$27,707,170,491. 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 57.49%.

Fear and Greed Index

Market sentiment today is 25, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.69. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 36.90. 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

“I am a huge believer in this technology.” 

Former SEC chair, Jay Clayton, on Bitcoin & crypto

What they said yesterday

For a little perspective…

It’s everything…

All part of the process…

Crypto AM: Editor’s picks

Exclusive: FTSE plots development of digital asset index in crypto push

FTSE Continues To Fall Amid Growing Concerns Over Recession
(Photo by Lionel Healing/Getty Images)

Crypto could give London a unique post-Brexit advantage, says Hammond

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https://www.cityam.com/crypto-could-give-london-a-unique-post-brexit-advantage-says-hammond/

Diamond claws: Crypto trading hamster dies after standout investing career

The first hamster to become a crypto investment guru, Mr Goxx, has died of unknown causes.

New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien

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El Salvador to build Bitcoin city at base of volcano

Bitcoin city

Bitcoin’s long-awaited Taproot upgrade has arrived

Bitcoin's long awaited Taproot upgrade just dropped on main net.
Bitcoin’s long awaited Taproot upgrade just dropped on main net.

NFTs set to fund new cryptocurrency movie

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Crypto AM: Features 

Crypto AM: Spotlighthttps://www.cityam.com/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/

Crypto AM: Founders Series https://www.cityam.com/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/

Crypto AM: Industry Voices https://www.cityam.com/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowaterhttps://www.cityam.com/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/

Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://www.cityam.com/will-tesla-change-direction-on-bitcoin-again/embed/

Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://www.cityam.com/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/

Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://www.cityam.com/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/

Crypto AM: Tiptoe through the Crypto with Monty Munford https://www.cityam.com/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/

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

Jonny Fry Taking a Byte out of Digital Assets

Crypto AM: Parliamentary Special 

Part one of two – April 2021https://www.cityam.com/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/

Part two of two – April 2021https://www.cityam.com/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/

Five-part series – March 2021

Day one…https://www.cityam.com/financial-services-bill-time-to-act/embed/

Day two…https://www.cityam.com/financial-institutions-should-consider-appointing-ai-officers/embed/

Day three…https://www.cityam.com/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/

Day four…https://www.cityam.com/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/

Day five…https://www.cityam.com/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/

Crypto AM: Events

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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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