By Darren Parkin
Bitcoin and Ethereum are inching upwards in a big week for numbers from the macro economy as the Fed weighs its next move with interest rate hikes.
The minutes from its June meeting are expected to be released on Wednesday. The majority of other large-cap cryptos are trading in line with ETH.
Most analysts agree the Fed will raise interest rates later this month after pausing last month. The Fed raising rates has historically meant downside risk for risk-on assets.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.21 trillion
What Bitcoin did yesterday
🌄 Closed $31,156
🔺 Daily high $31,375
🔻 Daily low $30,586
Bitcoin market capitalisation
🟠 BTC $601.631 billion
🟡 Gold $12.745 trillion
💳 Visa $498.4 billion
Bitcoin volume
🪣 Total spot trading volume $16.095 billion
SP500
🌅 24hrs+0.12%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.23
Relative Strength Index (RSI)
💪 67.30
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, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
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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 🙏🏻
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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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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.
