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Daily briefing: Market sentiment hits highest levels since April ahead of inflation figures
Team Luno
The crypto market recovery continues after a poor start to the summer. The price of Bitcoin seems to have firmly established itself in a narrow consolidation range between $22,500 and $24,500, sitting at just below $23,000 this morning. That’s down 3% since this time yesterday but flat over the past seven days, with its relative resilience providing some comfort to investors.
Other major cryptocurrencies are also down slightly on Wednesday morning, but broadly up over the past week. The price of Ethereum is $1,685 at the time of writing, down around 5% over the past 24 hours but still up 3% since this time a week ago. Market sentiment also continues to look stronger than it has in recent times, with the Fear and Greed Index yesterday hitting 42 – its highest level since early April. Can it once again turn greedy?
The big news to watch out for today is the release of more US inflation data, with the latest US Consumer Price Index (CPI) figures expected to tell us how well the Federal Reserve’s anti-inflation measures have been working. The consensus of expectations is for an 8.7% year-over-year increase in the CPI. How will it impact the markets?
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $23,003.27 | -3.54% | +0.00% |
| Ethereum (ETH) | $1,688.65 | -5.06% | +3.58% |
| XRP (Ripple) | $0.3635 | -3.68% | -1.49% |
| Litecoin (LTC) | $58.64 | -6.17% | +0.53% |
| Bitcoin Cash (BCH) | $133.71 | -6.80% | -0.69% |
| Chainlink (LINK) | $8.40 | -2.49% | +12.96% |
| Uniswap (UNI) | $8.41 | -3.96% | -1.22% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently
$1.084 trillion.
What Bitcoin did yesterday
We closed yesterday, August 8 2022, at a price of $23,164.32. The daily high yesterday was $23,898.62 and the daily low was $22,982.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $439.12 billion. To put it into context, the market cap of gold is $11.922 trillion and Tesla is $887.81 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.398 billion. 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 50.27%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.26. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52. 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
“I also believe although it is still in its infancy, Bitcoin and the protocol are unstoppable.”
-Jeff Booth, author and tech entrepreneur
What they said yesterday
The beat goes on
Thanks for clearing that up, Max
Rapper inflation
_______________________________________________
09/08/22
The price of Bitcoin continues to hover at around $24k this morning, dropping just 1.38% over the past 24 hours to $23,810 at time of writing. Ether followed a similar pattern, settling at just below $1,800 at $1,773 – roughly flat since this time yesterday.
Other major cryptocurrencies spent much of yesterday firmly in the green but have dropped back slightly since then. The crypto markets continue to look stronger than traditional stocks, with the tech-heavy Nasdaq falling 0.1% yesterday while the Dow Jones Industrial Average (DJIA) rose 0.1%.
The main topic of conversation continues to be inflation, with Elon Musk yesterday speculating on Twitter that the worst could now be behind us. Will he be proven correct?
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $23,813.87 | -1.23% | +4.24% |
| Ethereum (ETH) | $1,747.64 | -1.23% | +11.29% |
| XRP (Ripple) | $0.3738 | -2.02% | +1.32% |
| Litecoin (LTC) | $62.13 | -1.55% | +8.40% |
| Bitcoin Cash (BCH) | $142.37 | -3.23% | +9.26% |
| Chainlink (LINK) | $8.52 | -0.79% | +19.66% |
| Uniswap (UNI) | $8.72 | -4.95% | +10.37% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently
$1.123 trillion.
What Bitcoin did yesterday
We closed yesterday, August 8 2022, at a price of $23,809.49. The daily high yesterday was $24,203.69 and the daily low was $23,176.55.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $455.3 billion. To put it into context, the market cap of gold is $11.923 trillion and Tesla is $910.03 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.801 billion. 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 51.45%.
Fear and Greed Index
Market sentiment today is 42, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.37. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.09. 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
“Bitcoin’s resilience as a currency […] has no regard for borders, edicts or politics.”
Colin Harper, Head of Content at Luxor
What they said yesterday
Resistance is futile
BlackRock bends the knee to #Bitcoin
They all will… 😎h/t: @Im100XReal pic.twitter.com/p4259uoFv5
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) August 7, 2022
The hero we deserve
U.S government is spending money to reduce methane emissions.#Bitcoin is reducing methane emissions for free! pic.twitter.com/rt9i96DqI3
— Documenting Bitcoin 📄 (@DocumentingBTC) August 8, 2022
Tale as old as time
#Bitcoin price: $9 💀 pic.twitter.com/wvkl1AAkVh
— RIZZO (@pete_rizzo_) August 8, 2022
_______________________________________________
08/08/22
The Bitcoin price has again seen a strong start to the week, climbing to more than $24,000 this morning. The largest cryptocurrency by market capitalisation is changing hands for $24,096 at the time of writing, up almost 5% over the past 24 hours.
Bitcoin largely held above $23,000 throughout the weekend, after a dip on Friday that analysts linked to a surprisingly strong jobs report from the US, which saw 528,000 jobs added in July – more than double the number predicted by some experts.
Elsewhere, other major cryptocurrencies have also seen a good start to the week. The price of Ethereum, the second largest crypto by market cap, is $1,769 at the time of writing, also up roughly 5% since this time yesterday, and the highest since early June. Can it continue to climb this week?
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $24,096 | +4.86% | +3.33% |
| Ethereum (ETH) | $1,769.45 | +5.10% | +4.88% |
| XRP (Ripple) | $0.3815 | +2.61% | +0.12% |
| Litecoin (LTC) | $63.80 | +5.00% | +6.51% |
| Bitcoin Cash (BCH) | $147.33 | +4.98% | +5.23% |
| Chainlink (LINK) | $8.62 | +11.44% | +12.10% |
| Uniswap (UNI) | $9.17 | +3.82% | +9.75% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently
$1.130 trillion.
What Bitcoin did yesterday
We closed yesterday, August 7 2022, at a price of $23,175.89. The daily high yesterday was $23,359.01 and the daily low was $22,894.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $460.32 billion. To put it into context, the market cap of gold is $11.809 trillion and Tesla is $902.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.615 billion. 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 51.78%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.49. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.79. 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
“Bitcoin started with a smart design from the beginning. It created an underlying digital gold and settlement network, with a credible degree of decentralisation, auditability, scarcity, and immutability that no other network currently rivals.”
– Lyn Alden, Investment strategist
What they said yesterday
Web 3.0 on the catwalk
In which camp are you?
Architecture of the future
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