Volatility making waves on crypto's recent calm waters

A RED veil has descended across most crypto markets this morning.

The price of Bitcoin is down by 3.8%, seeing the market leader by market cap trading below $64,000. Ethereum has slipped by 3.28%, while other cryptos such as Solana and Cardano are deeper in the red. 

Algo has given up much of yesterday’s gains, with its price retracing by 13% overnight. 

Against this backdrop, inflows into the spot Bitcoin exchange traded funds (ETFs) in the US have slowed to a trickle, with the BlackRock ETF on Wednesday posting its first day of net-zero inflows since its launch in January. 

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In the Markets

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Total crypto market cap

$2.36 trillion (-4.21%)

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What Bitcoin did yesterday

Daily high $67,060 |  Daily low $63,606

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Bitcoin market capitalisation

$1.26 trillion (-3.86%)

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Bitcoin volume

$31 billion (+30.85%)

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CoinDesk Large Cap Select Index 

-3.37%

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

+0.02%

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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

54.90

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)

50

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.