Market sees pullback despite Amazon shareholder Bitcoin push

THE crypto market’s recent strength continues to hold, with Bitcoin hanging on at just below the $100k mark after finally breaking through the historic milestone last week.

However, with the market leader struggling to push on, volatility has hit the alt markets and we’ve seen significant pullback across the board – despite Ethereum hitting $4,000 over the weekend for the first time since March.

Bitcoin is down 1% on the day, while Ethereum has fallen 2.5% and other smaller caps such as Cardano are down 6% or more as they pare back recent gains.

The pullback comes despite a proposal by Amazon shareholders to invest at least 5% in Bitcoin.

Led by the National Center for Public Policy Research (NCPPR), the proposal urges the company to consider investing in Bitcoin as a reserve asset to beat inflation and boost shareholder value. The NCPPR has also attempted to get Microsoft to do the same.

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In the Markets

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Total crypto market cap

$3.57 trillion (-2.61%)

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What Bitcoin did yesterday

Daily high $101,399  |  Daily low $98,771.51

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Bitcoin market capitalisation

$1.94 trillion (-1.8%)

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Bitcoin 24-hour trading volume

$63.45 billion (+58.46%)

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SP500

+0.25%

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Fear and Greed Index

Extreme Greed

‍Source: Coinmarketcap

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) (14)

44.21

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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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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