Ssshhh! Markets take a nap as Congress passes crypto Bill

THERE'S been little change in the price of Bitcoin overnight, with the market leader by market cap slumbering around $69,700.

Ethereum continues to maintain its overnight returns, trading in the green by 2% this morning.

Elsewhere in the crypto markets, there are relatively minor movements. XRP is down 1%, Avalanche is in the red by 2%, while Bitcoin Cash and Polygon are up by 1%.

On the news front, an important crypto Bill was passed in US Congress yesterday, aiming to create a clear regulatory framework for digital assets and blockchain technology in the United States. Today could also be significant for Ethereum, as the SEC may approve or deny a spot Ethereum exchange-traded fund.

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In the Markets

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Total crypto market cap

$2.58 trillion (-0.53%)

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What Bitcoin did yesterday

Daily high $70,593 |  Daily low $69,024

Bitcoin market capitalisation

$1.37 trillion (-0.12%)

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Bitcoin volume

$31.4 billion (-20.7%)

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CoinDesk Large Cap Select Index 

-1.26%

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

-0.27%

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Fear and Greed Index

66 (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

54.30

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

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BTC Relative Strength Index (RSI)

63.84

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.