Crypto rally loses spark, and ETH ETFs prepare to begin trading today
BITCOIN and Ethereum are moving sideways this morning, despite news that spot Ethereum exchange-traded funds (ETFs) have been approved and will begin trading later today in the US. Has the market already priced in this news, or will we see a delayed reaction?
Most cryptocurrencies are in the red today, with deeper slides in the alt-coin markets. Bitcoin trading volumes are up over 40% overnight, indicating some sell-side action, while the Fear and Greed Index has also dipped a few points, although still pointing to 'Greed' among investors.
Mt Gox continues to move coins between wallets, possibly indicating further sell-side pressure and injecting some uncertainty into the markets. More than $9 billion worth of Bitcoin and $73 million of Bitcoin Cash will be paid to traders in the coming months. Will this continue to dampen bulls' appetite?
In the Markets
Total crypto market cap
$2.41 trillion (-1.41%)
What Bitcoin did yesterday
Daily high $68,468 | Daily low $66,601
Bitcoin market capitalisation
$1.31 trillion (-1.11%)
Bitcoin volume
$43.91 billion (+46.33%)
CoinDesk Large Cap Select Index
-1.12%
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
+1.08%
Fear and Greed Index
63 (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
55.6
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)
59.58
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.
