Crypto

Crypto Markets Sluggish as US Stocks Continue to Fall as British Pound Recovers

Friday, September 30, 2022 11:42 a.m.

Friday Gathering

with Darren Parkin

You could be forgiven for thinking your screen froze while looking at cryptocurrency charts this morning. There has been little movement in any direction for all major crypto assets.

While this lack of short-term volatility is mostly welcomed by those dreaming of a future where crypto price charts don’t look like erratic heart monitors, there is something quite unsettling about the moves. laterals – something rarely seen in the last three years. .

Companies like Bitcoin and Ethereum may be waiting for a narrative before seeing meaningful price action.

Bitcoin held the line just above $19,500 this morning – just half a percent above yesterday and just 2 percent higher than last week. Ethereum showed equal lack of enthusiasm and, at $1,340, was about the same as yesterday, albeit up 3% seven-days higher.

In the United States, stocks are rapidly heading for the longest streak of quarterly declines in 14 years. Wall Street had a brutal Thursday that saw a 2.1% drop on the S&P 500, and the Nasdaq Composite took a nearly 3% hit when Bank of America gave Apple a “neutral” rating rather than ‘”to buy”.

We will see how the US reacts later today as markets open after 2.30pm UK time.

Whatever the backdrop of the story, it will be buoyed by some kind of sterling comeback. The British pound was at $1.12 against the US dollar this morning and approaching its level before last Friday’s disastrous mini-budget.

Prime Minister Liz Truss and Chancellor Kwasi Kwarteng met Richard Hughes – chairman of the Office for Budget Responsibility – in Downing Street. The OBR is the UK’s independent financial forecaster.

The news that even a simple meeting has taken place has already lifted the markets where many have their fingers crossed for a U-turn on some of the financial moves of the past week.

It is hoped that the Chancellor can keep HMS Sterling battered in these calmer waters long enough to sail her to port in his medium-term budget plan on November 23.

I’m sure it’s no coincidence that Kwasi Kwarteng chose this date because it’s right in the middle of the Crypto AM summit and prices, and he knows full well that some of the UK’s brightest financial minds will meet en route at the Royal Leonardo Hotel, St Paul’s.

It’s good that you already have your ticket, isn’t it?

DP

PS: You may have easily missed it, but Binance’s march continues. While we were sleeping, Binance quietly slipped into New Zealand… Binance officially registered in New Zealand (cityam.com)

Have you booked your tickets for the Crypto AM Summit and Awards? Click Here… Crypto AM Summit & Awards 2022 – CityAM

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin Economy

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

Total Crypto Market Cap

The total capitalization of the entire cryptocurrency market at the time of writing is currently $943.712 billion.

What Bitcoin Did Yesterday

We closed yesterday, September 29, 2022, at the price of $19,573.02. Yesterday’s daily high was $19,589.27 and the daily low was $18,924.35.

bitcoin market capitalization

The market capitalization of Bitcoin at the time of writing is $374.73 billion. To put it into context, Gold’s market cap is $11.083 billion and Tesla’s is $834.4 billion.

bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $39.605 billion. High volumes may indicate that a large price move has stronger support and is more likely to be sustained.

Volatility

Bitcoin price volatility over the past 30 days is 46.49%.

Fear and Greed Index

Market sentiment today is 21in Extreme Fear.

Bitcoin market dominance

Bitcoin market dominance today is 41.08. His lowest dominance on record was 37.09 on January 1, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 48.35. Values ​​of 70 or higher indicate that an asset is becoming overbought and may be primed for a trend reversal or undergoing a price correction – an RSI reading of 30 or lower indicates an oversold or undervalued condition.

Convince your grandmother: extract of the day

“The crisis that central bankers are trying to avoid is the free functioning of markets offering fair interest rates. In these times of financial repression, the rational response is to retreat and embrace non-sovereign store-of-value assets like Bitcoin.

Michael Saylor, Executive Chairman and Co-Founder of MicroStrategy

what they said yesterday

Recycle, reuse, reduce…

Evolution or revolution?

She gets it…

Barry Silbert’s Digital Currency Group was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members across the UK.

We share tips, stories, and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to the support of Luno, each trailblazer receives £500 worth of Bitcoin per month to share with newbies, helping them get started.

So if you’re passionate about Bitcoin, why not sign up today? Click here to know more !

All comments on Crypto AM Daily in association with Luno are welcome via email at [email protected] 🙏🏻

Crypto AM: Editor’s Picks

Three in Four Wealth Managers Prepare for Greater Cryptocurrency Exposure

Crypto.com has obtained an FCA license to operate in the UK

Q&A with Duncan Coutts, Principal Technical Architect at IO Global

Jamie Bartlett – on the trail of the missing “Cryptoqueen”

MPs are silent on the potential of cryptocurrency

Erica’s ‘Crypto Wars’ presented top honors at the Business Book Awards

‘Let the people invest’: Matt Hancock argues for liberal crypto rules

Explained: Why Treasury Is So Sold On Stablecoins

Worries crypto will be used to avoid ‘misplaced’ sanctions, says Matt Hancock

The Cryptocurrency Fundraisers Behind Ukraine’s Military Effort

Crypto-Crazy Couple Name Baby After Favorite Digital Asset

Cryptocurrency-loving parents Bruno Karno and his wife Agatha named their first-born Cardano after their favorite crypto.

Crypto AM: Features

Crypto AM: Founders Series

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

Crypto AM: Voice of the Industry

Changpeng 'CZ' Zhao, CEO of Binance

Crypto AM: Contributors

Crypto AM: Conversation with James Bowater

Landscape by Charles Hoskinson and James Bowater

Crypto AM: The Money of Tomorrow with Gavin S Brown

Tomorrow's Money with Gavin S Brown

Crypto AM: Mix in the Metaverse with Dr. Chris Kacher

Dr. Chris Kacher mixing in the Metaverse

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

Alex Lightman Visions of the future, past and present

Crypto AM: Tiptoeing Through Crypto with Monty Munford

Monty Munford stole the lead

Crypto AM: Extracting a Byte from Digital Assets with Jonny Fry

Jonny Fry takes a byte on digital assets

Crypto on the Podium

Stefania Barbaglio Crypto on the podium

Crypto AM: Events

For those of you who missed the 2021 Crypto AM DeFi & Digital Inclusion Online Summit – you can now watch the two-part event via YouTube

part one

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

Second part

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

Cautionary Notes

It’s certainly tempting to get carried away with the excitement, but please heed these caveats: do your own research, only invest what you can afford, and make good decisions. The indicators in this article will hopefully help you. Remember though, the content of this article is for informational purposes only and does not constitute 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 correct as of 08:00 BST

#Crypto #Markets #Sluggish #Stocks #Continue #Fall #British #Pound #Recovers #Crypto

Related Articles

Back to top button