Crypto bulls catch a break, but where do the markets go from here?

CRYPTO markets seem to have levelled following the recent sell-off, with Bitcoin trading just above $61,600 this morning. Ethereum is trading sideways just shy of $3,400, with other cryptos such as Solana and Cardano starting another day in the positive. Maker added a further 5.8% to its price overnight.

Market indicators reflect an easing in the slump. The Fear and Greed Index has shifted up a few notches, now sitting more firmly in Neutral, while Bitcoin trading volume is down more than 30% over the past 24 hours.

The steep sell-off on Monday started shortly after Mount Gox, the defunct exchange, announced it would start redistributing crypto to customers - who lost their funds in a 2014 hack that crippled the exchange - in the first week of July. Many analysts believe that these investors will hold their Bitcoin, given that they could have cashed out through bankruptcy claims in the decade since the collapse. 

In the Markets

Total crypto market cap

$2.28 trillion (+0.27%)

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What Bitcoin did yesterday

Daily high $62,266 |  Daily low $60,262

Bitcoin market capitalisation

$1.22 trillion (+1.07%)

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Bitcoin volume

$27.59 billion (-35.30%)

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CoinDesk Large Cap Select Index 

+0.55%

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. 

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SP500

+0.39%

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Fear and Greed Index

46 (Neutral) 

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’s market dominance

54.70

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

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Bitcoin Relative Strength Index (RSI)

44.90

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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