Stocks rally but crypto dips as US Federal Reserve keeps rates unchanged

CRYPTO prices have taken a dive since yesterday, with those at the top of the market cap board dropping by 3% or more. The price of Bitcoin is down about 2.5%, while Ethereum has fallen by more than 4%. The losses are more pronounced in the alt-coin markets. 

Jerome Powell of the Federal Reserve announced the Fed's decision to keep interest rates unchanged but suggested that a September rate cut could be on the cards.

US stocks are up overnight, while crypto markets moved in the opposite direction. One analyst noted that the movements in crypto markets could have been due to traders positioning before the Fed meeting. 

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In the Markets

Total crypto market cap

$2.31 trillion (-3.54%)

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What Bitcoin did yesterday

Daily high $66,825 |  Daily low $64,538

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Bitcoin market capitalisation

$1.27 trillion (-3%)

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Bitcoin volume

$35.8 billion (+24.7%)

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CoinDesk Large Cap Select Index 

-3.63%

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. 

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SP500

+1.58%

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Fear and Greed Index

60 (Neutral) 

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

57

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

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Bitcoin Relative Strength Index (RSI)

37

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.

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