Wednesday 01 June 2022 10:41 am
A strong start to the week for Bitcoin continues this morning, with the largest cryptocurrency by market cap holding roughly flat at around $31,500.
Other major cryptocurrencies, including Ethereum and Cardano, are down one per cent or more this morning. Is the crypto market’s strong finish to May a sign of things to come in June?
Although the Bitcoin price finished May down 18 per cent, it has still outperformed most of the crypto market. Bitcoin’s dominance grew from 42.5 per cent at the start of May to 45.9 per cent at the end. Bitcoin hasn’t been this dominant since October last year, suggesting that investors are still moving away from supposedly riskier assets.
Despite the uptick in price, the Fear and Greed Index that measures investor sentiment still currently sits in Extreme Fear at 17 – a slight increase from last week’s 12, but there’s nothing yet to suggest that belief is picking up. The index indicated extreme fear for almost the entirety of May, corresponding to a 26-day stay in the extremely fearful territory, the longest since April 2020. Will June bring new hope?
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalization of the entire cryptocurrency market at the time of writing is currently $1,300 trillion.
What Bitcoin did yesterday
We closed yesterday, May 31 2022, at a price of $31,792.31. The daily high yesterday was $32,249.86 and the daily low was $31,286.15.
Bitcoin market capitalization
Bitcoin’s market capitalization at time of writing is $599.66 trillion. To put it into context, the market cap of gold is $11.659 trillion and Tesla is $785.56 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $32.788 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 59.14%.
Fear and Greed Index
Market sentiment today is 17in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.81. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.70. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“People dismissed the [inter]not just like they are crypto.”
Mark Cuban, entrepreneur.
What they said yesterday
Choice well made…
I bought #Bitcoin 5 years ago because I knew it was going to change the world. I underestimated the positive impact it would have on everything it touches. Including myself.
— Dennis Porter (@Dennis_Porter_) June 1, 2022
Inflation in Europe has reached a 50 year high, emblematic of the collapse of the currency and contraction of the economy. There is no simple cure for the disease of stagflation, but #Bitcoin remains the best therapeutic.https://t.co/njdtI7clw2
— Michael Saylor⚡️ (@saylor) May 31, 2022
Crypto AM: Editor’s picks
MPs are falling silently over the potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honors in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favorite digital asset
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST
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