By Darren Parkin
Altcoin markets have had a rough weekend as regulators in the US continue to apply the pressure. Cryptos like MATIC (Polygon), AVAX (Avalanche), SOL (Solana) and ADA (Cardano) are each down more than 20% over seven days.
The Securities and Exchange Commission (SEC) has specifically identified these and a few other cryptocurrencies as securities, saying they should be regulated as such. The sell-off seems to have eased for now as the price of ADA has ticked up by 6% in the last day while other affected markets continue in the red, but less so.
Bitcoin is trading flat in this environment, sitting just under $26k, while Ether is down by less than a percentage point over 24 hours.
Analysts have noted the resilience of the market leaders in this volatile climate. It’s a big week for investors as the latest US Consumer Price Index (CPI) numbers are expected tomorrow, which will factor into the Federal Reserve’s meeting on Wednesday, where the way forward with rate hikes will be decided.
Friday’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 $1.048 billion.
What Bitcoin did yesterday
We closed yesterday, June 10, at a price of $25,940. The daily high yesterday was $26,203, and the daily low was $25,668.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $501.88 billion. To put it into context, the market cap of gold is $13.031 trillion and Visa is $479.07 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $11.576 billion.
Fear and Greed Index
Fear and Greed is 47, today, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 49.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.47.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.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
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.
The post Third generation cryptocurrencies bearing the brunt of US regulatory scrutiny appeared first on CityAM.
