Crypto markets see biggest weekly drawdown since April
CRYPTO markets continue to retrace as deepening uncertainty takes hold.
The price of Bitcoin is down another 2.9% overnight, with the market leader trading below $63,000 this morning. Ethereum is in the red by 3.6%, while other younger cryptocurrencies have experienced even larger sell-offs.
The Fear and Greed Index has dipped into neutral, and the Relative Strength Index (RSI) has retraced to around 40, with 30 generally indicating an oversold market.
Analysts attribute the decline to uncertainty around the Federal Reserve's potential rate cuts and ongoing outflows from crypto ETFs, which are denting investor confidence.
In the Markets
Total crypto market cap
$2.27 trillion (-3.3%)
What Bitcoin did yesterday
Daily high $64,518 | Daily low $63,195
Bitcoin market capitalisation
$1.23 trillion (-0.79%)
Bitcoin volume
$18.37 billion (+124%)
CoinDesk Large Cap Select Index
-3.45%
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
-0.16%
Fear and Greed Index
49 (Neutral)
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
55.45
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)
40.18
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.
