Crypto markets flat as US inflation hits four year high – City A.M.

Wednesday 13 April 2022 10:59 am

There was a recovery of sorts for the crypto markets yesterday, though the return to form could mostly be found among alternative cryptocurrencies (altcoins).

While market leader Bitcoin remained mostly flat – currently changing hands for $40,140 up 0.18 and per cent over the last 24 hours – cryptocurrencies such as Uniswap, Ethereum and XRP are all up by one or two per cent. 

The disparity suggests a greater appetite for risk among traders, though you wouldn’t know it to look at the Fear and Greed Index, which measures consumer sentiment. The Index currently sits back in Extreme Fear, having shown signs of life over the last couple of weeks for the first time this year. Can it pick up and turn around?

The big news yesterday was the US Consumer Price Index coming in slightly higher than expected at 8.5 per cent – a four-decade high. The high numbers will add fuel to speculation that there will be an increase in interest rates in the US soon, which have been cited as one of the key drivers of volatility in the markets this year by experts. However, some analysts and economists are saying that it could mark the peak of the current inflation cycle. Will they be proved right? What would that mean for interest rate rises?

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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/research 

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.876 trillion, up from $1.858 trillion yesterday.

What Bitcoin did yesterday

We closed yesterday, April 12 2022, at a price of $40,127.18, up from $39,521.90 the day before. The daily high yesterday was $40,617.59 and the daily low was $39,388.33. This time last year, the price of Bitcoin closed at $63,503.46. In 2020 it closed at $6,668.26.  

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $760.9 billion. To put it into context, the market cap of gold is $12.53 trillion and Tesla is $1.02 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $29.280 billion down from $35.473 billion yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 39.09%.

Fear and Greed Index

Market sentiment today is 25, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.40. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 39.08. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition. 

Convince your Nan: Soundbite of the day

“Inflation is worse than you think, and Bitcoin is better than you know.”

MicroStrategy CEO Michael Saylor

What they said yesterday

Fulfilled…

It’s about perspective…

The more you know 😉

Crypto AM: Editor’s picks

‘Let people invest’: Matt Hancock makes case for liberal crypto rules

Explained: Why the Treasury is so sold on stablecoins

Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock

Meet the hackers helping people recover lost crypto assets

The cryptocurrency fundraisers behind Ukraine’s military effort

Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round

Crypto crazy couple name baby after favourite digital asset

Cryptocurrency-loving parents Bruno Karno and his wife Agatha have named their first-born Cardano in honour of their favourite crypto.

Bitcoin hashrate touches new all time high

Bitcoin mining company - Illustrations of Cryptocurrency

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand

In an interview with Crypto AM, Bitcoin investor and podcaster Peter McCormack opens up about his purchase of Bedford FC.

Crypto AM: Features 

Crypto AM: Founders Series 

https://www.cityam.com/profile/crypto-am-founders-series/

Crypto AM: Industry Voices 

Changpeng 'CZ' Zhao, CEO of Binance

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Charles Hoskinson and James Bowater landscape

Crypto AM: Tomorrow’s Money with Gavin S Brown

Tomorrow's Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Dr Chris Kacher Mixing in the Metaverse

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Alex Lightman Visions of the future, past and present

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Monty Munford robbed out header

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Jonny Fry Taking a Byte out of Digital Assets

Crypto on the catwalk

Stefania Barbaglio Crypto on the Catwalk

Crypto AM: Events

For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube

Part One

https://www.youtube.com/watch?v=dvqNMNZTIDE

Part Two

https://www.youtube.com/watch?v=WXhX_-Tr5j0

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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

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