Crypto and stocks markets falling

CRYPTO and traditional stock markets took another hit, with stocks seeing their sharpest slide since early August.

Weak Institute for Supply Management (ISM) data on Tuesday revealed subdued manufacturing activity could be partly to blame, according to some analysts.

Additionally, September's historical reputation as a slow month for stocks seems to be playing out, say others, possibly becoming a self-fulfilling prophecy.

Bitcoin dropped more than 3% overnight, trading currently at around $56,700, with Ethereum following suit.

Most other cryptocurrencies are also in the red.

The S&P 500 fell more than 2%, a significant dip for the stock market. Crypto moving averages are flashing strong sell signals, and the Fear and Greed Index is firmly in Fear territory.

All eyes are now on the upcoming US jobs report on Friday, which could set the tone for market sentiment.

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In the Markets

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Total crypto market cap

$2 trillion (-2.94%)

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What Bitcoin did yesterday

Daily high $59,799 |  Daily low $57,436

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Bitcoin market capitalisation

$1.12 trillion (57.37 of market)

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Bitcoin 24-hour trading volume

$32 billion (+33%)

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SP500

-2.2%

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Fear and Greed Index

27 (Fear) 

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

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Bitcoin Relative Strength Index (RSI)

35

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.

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Post Script…

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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.

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