Corrections continue as Bitcoin fights for $63,000

IT'S red across the markets today as a few events add pressure to crypto prices.

Analysts say it could be due to profit-taking after record highs and continued outflows from the Grayscale Bitcoin ETF. 

Bitcoin is down by 7%, trading just above $63,000 this morning, while Ethereum is down 10%, dropping all the way to $3,228. The newer generation of cryptos are seeing deeper drawdowns. 

Solana is down 7%, while Maker, Algo and CRV are each down more than 10% overnight. 

In the Markets

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Total crypto market cap

$2.45 trillion (-5.34%)

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What Bitcoin did yesterday

 Daily high $68,099 |  Daily low $64,940

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Bitcoin market capitalisation

$1.29 trillion (-4.37%)

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Bitcoin volume

$55.24 billion (+24%)

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CoinDesk Large Cap Select Index 

-2.09%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies. 

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SP500

+0.63%

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Fear and Greed Index

83 (Extreme 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

54.02

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

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.