Bitcoin is trading at $22,845 this morning, down by around two per cent over 24 hours, while Ethereum – at $1,573 – is in the red by 2.9%.
The majority of crypto and equity markets have been idling in the red the last week as investors look to the Federal Reserve in the US for direction, according to the analysts. Jerome Powell, the Chair of the Fed, will be leading a meeting of the Federal Open Market Committee (FOMC) over the next two days to decide the next step in fighting ongoing inflation.
The experts expect an interest rate hike of 25 basis points (0.25%), a softer touch than the 0.5-0.75% hikes of the past, but anticipation of the increase has slowed the recent momentum in crypto markets.
The two-day FOMC meeting is followed by a press conference where Powell will announce the way forward.
Yesterday’s Crypto AM Daily in association with Luno
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 $1.041 billion.
What Bitcoin did yesterday
We closed yesterday, January 30, at a price of $22,840. The daily high yesterday was $23,789, and the daily low was $22,657.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $440.298 billion. To put it into context, the market cap of gold is $12.67 trillion and Tesla is $526.27 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.205 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 37.58%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.39. Its lowest ever recorded dominance was 37.09 on 1 January 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.43. 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 fam: Soundbite of the day
“We see the future of what Bitcoin and blockchain means to the entire world, and we want to be a part of that.”
Greg Abbott, Texas Governor
What they said yesterday
The opportunities in staking…
Crypto network activity…
Bitcoin is money…
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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
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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.
All information is correct as of 08:00 BST
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