Red candles signal corrections across the board

BITCOIN is down 8% overnight in a large sell-off that sees the market leader slipping below the key level of $70,000 this morning to around $67,300.

Ethereum and most altcoins have followed Bitcoin deep into the red. The original smart contracts crypto is down 7%, and currently trading for around $3,654. 

Solana was among a tiny handful of cryptocurrencies in the green earlier today. SOL, the native cryptocurrency of the Solana network, was up 3% overnight as it posted an all-time high market cap of $81 billion in the early hours of this morning, but soon retraced, and is now steadying a 1% fall to $171. 

Analysts say the correction in the Bitcoin market could be due to a cluster of events causing some uncertainty, including the upcoming halving and lingering high inflation. 

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In the Markets

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Total crypto market cap

$2.61 trillion (-5.60%)

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What Bitcoin did yesterday

 Daily high $73,740 |  Daily low $68,717

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Bitcoin market capitalisation

$1.34 trillion (-7.17%)

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Bitcoin volume

$76.53 billion (+65.1%)

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CoinDesk Large Cap Select Index 

-2.02%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies. 

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SP500

-0.29%

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Fear and Greed Index

89 (Extreme Greed) 

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

53.3

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

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Relative Strength Index (RSI)

‍47.1

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.