Spectre of Mt Gox continues to haunt markets
FEARS surrounding the Mt Gox repayments continue to inject volatility into crypto markets.
Bitcoin is trading at roughly $57,840, down about 1% after bouncing to $58,000 over the weekend. There was also a notable rebound from $54,000 in the early hours of this morning.
Ethereum is trading sideways around the $3,000 mark, while many altcoins continue to experience deeper pullbacks. Although some signs of a turnaround are, as we speak, beginning to emerge for some larger cap altcoins.
Fear continues to dominate sentiment, with the Fear and Greed Index lingering in the Fear range.
Surprisingly, Bitcoin exchange-traded funds (ETFs) saw inflows on Friday for the first time since the market rout, even with the price of BTC at suppressed levels. This could indicate that some investors are buying at what they perceive to be the bottom.
In the Markets
Total crypto market cap
$2.04 trillion (-2.59%)
What Bitcoin did yesterday
Daily high $58,394 | Daily low $55,756
Bitcoin market capitalisation
$1.11 trillion (-2.04%)
Bitcoin volume
$26.8 billion (+30%)
CoinDesk Large Cap Select Index
-2.27%
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
+0.54%
Fear and Greed Index
36 (Fear)
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
54.80
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)
48
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.
