Bitcoin bounces back

BITCOIN has rebounded, returning to its pre-tech stock wobble levels after yesterday's crypto market dip.

The leading cryptocurrency is now trading above $67,300, with other large-caps also showing notable recovery. Interestingly, the SP 500 remains in negative territory.

Key points:

• Ethereum is hovering around $3,250, lagging BTC, despite the recent launch of Ethereum ETFs in the US
• Investors are pondering whether these traditional finance instruments will gain traction and potentially boost Ethereum's price
• Most alt-coins are mirroring Ethereum's trend, up 2% to 4% overnight

The crypto community is closely watching the Nashville Bitcoin Conference kicking off today. Donald Trump is scheduled to speak, though his actual appearance remains uncertain. Trump's vocal support for the crypto industry in the run-up to the November elections is seen as a play for the "crypto vote”.

This market recovery and the political developments highlight the increasingly complex interplay between cryptocurrency, traditional finance, and politics.

In the Markets

‍

Total crypto market cap

$2.31 trillion (-3.82%)

‍

What Bitcoin did yesterday

Daily high $67,072 |  Daily low $65,155

‍

Bitcoin market capitalisation

$1.26 trillion (-3.29%)

‍

Bitcoin volume

$34.4 billion (+4.29%)

‍

CoinDesk Large Cap Select Index 

-4.2%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

‍

SP500

-2.31%

‍

Fear and Greed Index

59 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

‍

Bitcoin’s market dominance

55.93

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

‍

Bitcoin Relative Strength Index (RSI)

30

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.

‍

Post Script…

‍

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. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

‍