Bitcoin's mini rally fizzles out as US stocks fall after bank chief discusses interest rate cut

BITCOIN looked like it would reclaim its price level above $70,000 yesterday, but the mini-rally lost traction at $69K and pulled back to around $66,500. The market leader is currently trading in the green above $66,800. 

The price of Ethereum is down another percentage point to trade around $3,200 this morning. Solana’s price has shed another 5%, with other next-gen cryptos in tow. 

The big news from traditional markets is a Fed official questioning whether trimming interest rates this year is the right thing to do. Federal Reserve Bank of Minneapolis President Neel Kashkari said, "If we continue to see strong job growth, strong consumer spending and strong GDP growth, then that raises the question [of rate cuts] in my mind.” US stocks dipped shortly after the interview aired. 

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In the Markets

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Total crypto market cap

$2.5 trillion (+0.07%)

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What Bitcoin did yesterday

Daily high $69,238 |  Daily low $65,096

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Bitcoin market capitalisation

$1.32 trillion (+1.38%)

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Bitcoin volume

$36.43 billion (+17.01%)

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CoinDesk Large Cap Select Index 

+2.07%

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

-1.23%

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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.

Bitcoin’s market dominance

54.49

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)

61.14

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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