Bitcoin back above $22k on a wave of investor optimism over inflation

By Darren Parkin

The price of Bitcoin is holding above $22,000 this morning, after a bounce on Friday took the largest cryptocurrency by market capitalisation above $21,000 for the first time in more than a fortnight.

Bitcoin is currently changing hands for $22,155 – up about 2.62 per cent over the past 24 hours.

The bounce comes ahead of tomorrow’s release of the latest Consumer Price Index (CPI), with investors hopeful for another slight decline in inflation that might drive the US central bank to dial back its current programme of interest rate increases.

Elsewhere, other major cryptocurrencies are mostly flat this morning, with the price of Ethereum down 0.19 per cent since this time yesterday to $1,756. Ethereum is expected to complete its long-awaited upgrade on Thursday, which will change the way its network approves transactions and potentially limit supply and give it stronger properties as a store of value similar to Bitcoin.

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Friday’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$1.069 trillion.

What Bitcoin did yesterday

We closed yesterday, September 11 2022, at a price of $21,769.26. The daily high yesterday was $21,770.55 and the daily low was $21,406.94.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $425.27 billion. To put it into context, the market cap of gold is $11.44 trillion and Tesla is $932.3 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $44.408 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 46.15%.

Fear and Greed Index

Market sentiment today is 25, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.11. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 61.07.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

“Bitcoin is a risk asset with a specific set of investment characteristics that become increasingly more attractive the more irresponsible monetary and fiscal policy becomes.”

Travis Kling, Founder and Chief Investment Officer, Ikigai Asset Management

What they said yesterday

Ether on the up…

Back to basics…

Smart money wins…

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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: Features

Crypto AM: Founders Series

https://www.cityam.com/profile/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

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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