Crypto markets slide into the red

MOST cryptocurrencies are in the red this morning, continuing their decline from the past week. Bitcoin is trading at $67,200, while Ethereum, down 2%, is priced around $3,700.

Chainlink is the only cryptocurrency that posted a green candle overnight, inching up by 0.4%. The CoinDesk Large Cap Select Index, a good proxy for the price movements of large-cap cryptocurrencies, shows a continued contraction, down 1.1% over the past 24 hours.

While the markets seem generally lifeless as investors wait for the next signal, there appears to be a shift in stance from US policymakers against crypto, especially as election campaigns heat up. 

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In the Markets

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Total crypto market cap

$2.68 trillion (+0.05%)

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What Bitcoin did yesterday

Daily high $69,514.64 |  Daily low $67,227.15

Bitcoin market capitalisation

$1.33 trillion (-0.64%)

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Bitcoin volume

$29.3 billion (-3.6%)

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CoinDesk Large Cap Select Index 

-1.33%

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

+0.025%

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Fear and Greed Index

72 (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

53.81

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Bitcoin Relative Strength Index (RSI)

42.83

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.