Bitcoin loses its grip on $65k as crypto's flagship seeks support at $64,800

THE prices of Bitcoin and Ethereum, along with many other cryptocurrencies, continue to whipsaw as investors decide where to next.

Bitcoin is down 2.7% overnight after clawing back some ground earlier in the week. The market leader is trading for around $64,800 this morning.

Ethereum is following a similar path, down by 2.5%, and currently trading for around $3,435. 

XRP is up more than 3%, while Cardano, Avalanche and Chainlink have inched into green territory today.

In traditional markets, the Fed reaffirmed its decision to cut rates later this year as the US economy continues to show strong vitals. Crypto and other riskier assets have historically performed better in a low interest rate environment. 

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In the Markets

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Total crypto market cap

$2.53 trillion (-0.58%)

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What Bitcoin did yesterday

 Daily high $66,633 |  Daily low $65,151

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Bitcoin market capitalisation

$1.3 trillion (-1.75%)

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Bitcoin volume

$40.26 billion (-30.9%)

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CoinDesk Large Cap Select Index 

-2.57%

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

+0.32%

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Fear and Greed Index

79 (Greed) 

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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

53.29

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)

46

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.