Bitcoin and rest of crypto in the red as investors await interest rate decision

Tuesday 31 January 2023 10:58 am

Bitcoin is trading at $22,845 this morning, down by around two per cent over 24 hours, while Ethereum – at $1,573 – is in the red by 2.9%.

The majority of crypto and equity markets have been idling in the red the last week as investors look to the Federal Reserve in the US for direction, according to the analysts. Jerome Powell, the Chair of the Fed, will be leading a meeting of the Federal Open Market Committee (FOMC) over the next two days to decide the next step in fighting ongoing inflation.

The experts expect an interest rate hike of 25 basis points (0.25%), a softer touch than the 0.5-0.75% hikes of the past, but anticipation of the increase has slowed the recent momentum in crypto markets.

The two-day FOMC meeting is followed by a press conference where Powell will announce the way forward.

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Data can be found at https://terminal.bytetree.com/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.041 billion.

What Bitcoin did yesterday

We closed yesterday, January 30, at a price of $22,840. The daily high yesterday was $23,789, and the daily low was $22,657.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $440.298 billion. To put it into context, the market cap of gold is $12.67 trillion and Tesla is $526.27 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $27.205 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 37.58%.

Fear and Greed Index

Market sentiment today is 51, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.39. Its lowest ever recorded dominance was 37.09 on 1 January 2018.

Relative Strength Index (RSI)

The daily RSI is currently 69.43. 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.