Crypto sees market rout as investors flee risk assets
CRYPTO markets have seen massive sell-offs in the last 24 hours as global political tensions and recession fears caused investors to sell out of risk-on assets, according to analysts.
Bitcoin tested lows of $49,000 - down more than 10% overnight - before bouncing back to around $53,000. The market cap leader saw trading volumes spike by 170%, with signs of increased churn in the market.
Ethereum experienced percentage losses not seen since May 2021.
It's a similar story across most cryptocurrencies, with the CoinDesk Large Cap down 14%.
US stocks are also down - the S&P 500 being in the negative by 1.8%.
In the Markets
Total crypto market cap
$1.85 trillion (-13.8%)
What Bitcoin did yesterday
Daily high $61,086 | Daily low $57,346
Bitcoin market capitalisation
$1.05 trillion (-12.28%)
Bitcoin volume
$74 billion (+171%)
CoinDesk Large Cap Select Index
-14%
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.
SP500
-1.84%
Fear and Greed Index
26 (Neutral)
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
57
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Bitcoin Relative Strength Index (RSI)
26
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.
Post Script…
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.
