Sideways action continues as institutional investment in crypto swells

BITCOIN continues to hover menacingly below the $70k level, where it’s spent the majority of the last seven days. The sideways action is reflected in other large caps, with Ethereum (ETH) smiling coquettishly at its own psychologically-important landmark at just below $4k.

The flat movement comes as US spot Bitcoin ETFs continue to post strong inflows, recording $45 million worth of net inflows on Tuesday to mark their 11th consecutive day of inflows. 

It seems institutional interest in crypto is showing no signs of slowing down, with Nasdaq-listed Semler Scientific announcing that Bitcoin will become its primary treasury reserve asset. The medical technology giant purchased 581 Bitcoin at $67,766 for a total of $40 million, with its stock price soaring by 30% soon after.

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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.

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