Crypto markets pull back slightly in anticipation of crucial US inflation indicators

THE prices of Bitcoin and Ethereum are currently down by more than 1%, with many other cryptos following the same pattern. The market cap of the entire crypto market is down similarly by roughly 1%. 

Solana, XRP and Maker are among the few cryptos in the green this morning. 

The latest Consumer Price Index (CPI) numbers from the US are set for release tomorrow, which will give policymakers an idea of where they stand in their fight against inflation. Jerome Powell and his team at the Federal Reserve Bank use CPI, among other important indicators, to inform their decisions on where to go with interest rates. 

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In the Markets

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Total crypto market cap

$2.27 trillion (-1.14%)

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What Bitcoin did yesterday

Daily high $61,847 |  Daily low $60,647

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Bitcoin market capitalisation

$1.26 trillion (-1.52%)

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Bitcoin volume

$26.561 billion (+28%)

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CoinDesk Large Cap Select Index 

-1.1%

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

-0.002%

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Fear and Greed Index

55 (Neutral) 

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

55.14

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)

54.2

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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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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