Thursday opens with green candles and a surge from Avalanche (AVAX)
The entire crypto market cap is up by 0.5%, as Bitcoin continues to take a robust hold above $27k, trading for $27,670 this morning. Analysts say it could mark a new support level for the market leader.
While Bitcoin and Ethereum, along with many other cryptos, inch upwards, Avalanche (AVAX) has rallied by 7.5%, pushing its seven-day gains to 11.8%.
In other financial markets, bond yields hit 16-year highs, indicating that investors are putting their money into these risk-off investments, expecting the continued high interest rates to take a toll on risk-on investments, which include stocks and crypto.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.09 trillion
🔺 0.56%
What Bitcoin did yesterday
🔺 Daily high $27,832
🔻 Daily low $27,242
Bitcoin market capitalisation
🟠 BTC $540.12 billion
🟡 Gold $12.152 trillion
💳 Visa $480.89 billion
Bitcoin volume
🪣 Total spot trading volume $10.38 billion
🔻 10.3%
SP500
🔺 0.81%
FTSE/JSE Top 40
🔺 0.26%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.63
Relative Strength Index (RSI)
💪 65.42
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
“Yes, the S&P 500 cap-weighted index is up nicely this year (thanks to the Nifty Seven), but the broader market continues to be held hostage by the outgoing liquidity tide. We have endured almost two years of correction and consolidation. That’s a long time. The limbo likely will end one of two ways — with a bang (as in recession) or a whimper (a soft landing, tamed inflation).” – Jurrien Timmer, Director of Global Macro at Fidelity Investments
Whether you’re a Bitcoin expert or a total newbie – or even somewhere in between – you can now join the new HODLers Telegram community to learn more …. or share your insights with others!
Our goal is simple: to provide a safe place where people can ask any question they want about Bitcoin, even if they think it’s a daft one! Learning Bitcoin takes time and we generally have the same questions when we first encounter it, so we know from our own experience having somewhere to ask a real person a specific question can be of great value!
There’s also access to great learning resources and, to cap it all off, we run monthly competitions to win great prizes such as tickets for events, VIP passes, exclusive access to talks and webinars or even just some Sats to add to your stack, all courtesy of our partners!
Even better, the whole thing is completely FREE!
So, if you’re a beginner, or know someone who is, take our fun five question multiple choice quiz and join the group today. Of course, if you’re an expert, you’re also welcome to join and help others who are looking to understand Bitcoin as an asset and the industry as a whole.
T’s and C’s: Open to UK residents only. All ages are welcome in the community, but you need to be over 18 to enter competitions. No purchase required.
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
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
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. CityAM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.