By Darren Parkin
Bitcoin, Ethereum and most other cryptocurrencies continue to trade sideways, putting in a lacklustre performance in what has historically been a strong month for crypto.
Bitcoin has shown little movement in the last day, trading at $19,465, down 0.1%, while Ethereum has followed the same path, changing hands for $1,316 this morning, down a barely noticeable 0.08% on the day. The leading cryptocurrencies have remained steady in the last week, both showing an uptick in price of around 1%.
The big news in traditional markets is the latest Consumer Price Index (CPI) figures to be released on Tuesday. The CPI is a key indicator of where inflation is expected to go next. Experts expect a slight dip in the numbers but predict it won’t be enough for the Fed to back off their hawkish approach.
Will we see a change in momentum later this week?
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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$940.907 billion.
What Bitcoin did yesterday
We closed yesterday, 6 October 2022, at a price of$19,446.43. The daily high yesterday was $19,542.54 and the daily low was $19,349.26.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $372.23 billion. To put it into context, the market cap of gold is $11.175 trillion and Tesla is $693.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $17.805 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 38.08%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.21. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.16.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 different in two ways: First of all, bitcoin’s value does not come from central decree. Like gold before it, its scarcity and persistence do not derive from authority, but from reality.”
Gigi, author and software engineer
What they said yesterday
It’s early days…
Secure money…
Fun times…
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
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Q&A with Duncan Coutts, Principal Technical Architect at IO Global
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MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
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The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
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
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
The post Crypto markets still moving sideways in waiting game for inflation signals appeared first on CityAM.
