Decline appears to halt as crypto markets show signs of recovery

Institutional momentum continues even as the prices of Bitcoin and Ethereum are down significantly over a week.

Mega-whale Michael Saylor announced yesterday that his company MicroStrategy bought another 9,245 Bitcoin during the dip, which brings its total to roughly 1% of all Bitcoin in circulation.

Bitcoin is down a fraction overnight, trading for around $63,143 this morning. 

Ethereum has also halted its decline, and is currently trading flat at around $3,225.

BlackRock yesterday announced its plans for a Digital Asset Fund, backed by $100 million in USDC on the Ethereum network. 

As for the wider markets, it looks like the corner may have been turned, with many cryptos now showing signs of recovery.

Setting the pace this morning are JASMY (up 12%), Amp (18%) and Fetch.ai (12%).

In the Markets

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Total crypto market cap

$2.36 trillion (-2.25%)

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What Bitcoin did yesterday

 Daily high $63,397 |  Daily low $60,850

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Bitcoin market capitalisation

$1.23 trillion (-2.54%)

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Bitcoin volume

$71.542 billion (+19.6%)

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CoinDesk Large Cap Select Index 

-7.99%

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

SP500

+0.56%

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Fear and Greed Index

74 (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

53.67

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)

50.95

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.