Anticipation of US inflation data sees crypto price pullback

BITCOIN is currently trading a hair below the key level of $70K, down by 1.7% overnight, while Ethereum is deeper in the red by 3%. 

Green candles are a scarce commodity this morning as markets pull back. XRP is the exception, up by a negligable 0.1%. 

Analysts say investors may be sitting on the sidelines as they wait for the latest inflation numbers from the US, expected today. The latest CPI numbers could feature in the Fed’s decision of when to start trimming interest rates this year. 

In the Markets

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Total crypto market cap

$2.6 trillion (-1.96%)

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What Bitcoin did yesterday

Daily high $71,737 |  Daily low $68,264

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Bitcoin market capitalisation

$1.37 trillion (-1.78%)

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Bitcoin volume

$35.29 billion (+10.58%)

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CoinDesk Large Cap Select Index 

-2.04%

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

+0.14%

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Fear and Greed Index

75 (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

54.24

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)

55.68

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.