By Darren Parkin
Riding the tailwind of US Federal Reserve chief Jerome Powell’s latest remarks that inflation may be beginning to ease, Bitcoin is in the green at $23,170 this morning.
Ethereum improved on its position by 2.5%, trading for $1,672. Tech stocks also jumped 1.3% on the news.
The majority of other cryptocurrencies are also up – Cardano, Uniswap and Solana by more than 2% over the last day, while Chainlink has added 3% to yesterday’s price.
While markets seem generally upbeat about the latest from the US, Powell warned that the disinflationary process will be a long one.
Yesterday’s Crypto AM Daily in association with Luno
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$1.083 billion.
What Bitcoin did yesterday
We closed yesterday, February 7, at a price of $23,264. The daily high yesterday was $23,310, and the daily low was $22,756.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was$447.302 billion. To put it into context, the market cap of gold is $12.508 trillion and Tesla is $622.72 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $26.662 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 39.59%.
Fear and Greed Index
Market sentiment today is 58, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.72. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.14.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 fam: Soundbite of the day
“The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”
Cuy Sheffield, Head of crypto at Visa
What they said yesterday
Yeah he plays around with it…
Bitcoin is better money…
Almost feels like 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.
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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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MPs are falling silent over potential of cryptocurrency
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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
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Crypto AM: Events
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.
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