Bitcoin price falls below $19k for first time since July

By Darren Parkin

It’s been oddly flat in the cryptocurrency markets lately, with the price of Bitcoin (BTC) floating around $20k for ten straight days.

However, the market leader by total value yesterday dropped below $19k for the first time since late July and is still there this morning, changing hands for $18,777 – a 5.74 per cent drop over the past 24 hours.

The price of Ethereum, the second-largest cryptocurrency by market cap, has outpaced Bitcoin ahead of its upcoming update, which is scheduled to take place sometime next week. However, despite growing excitement about the so-called ‘merge’ event, it has also seen a significant dip this morning, dropping almost nine per cent to $1,517. Can it now get back on track?

The ongoing global inflation crisis is still generally looming large. Bitcoin is often referred to as a store of value, but has not managed to prove its resilience to inflation so far this year, with institutional investors still apparently treating it as a riskier asset akin to tech stocks. It’s always best to zoom out in these moments and think about your long-term financial plans. Make sure that whatever they are, whether that’s buying, selling, or holding tight, you’re sticking to the strategy that’s right for you.

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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$940.730 billion.

What Bitcoin did yesterday

We closed yesterday, September 6 2022, at a price of $18,837.67. The daily high yesterday was $20,155.27 and the daily low was $18,800.17.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $359.74 billion. To put it into context, the market cap of gold is $11.315 trillion and Tesla is $853.72 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $40.922 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 39.11%.

Fear and Greed Index

Market sentiment today is 24, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 39.47. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 32.98.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

What they said yesterday

Defying the odds…

Up the rabbit hole…

Teach ’em early…

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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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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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