Price of Bitcoin hardly moves as investors anticipate interest rate announcement

By Medic Saves On Dec 12, 2022

Monday 12 December 2022 11:07 am

Bitcoin continues to weave sideways along the $17,000 line, which has proven to be a key resistance level over the last few weeks.

The leading crypto by market cap is trading at $16,965 this morning, down 1.18% over 24 hours and down 2% in the last week. Ethereum has followed Bitcoin, and is down 1.5%.

Investors will be watching the latest interest rate announcements to be delivered by the Federal Reserve tomorrow. Experts say the drawdown in markets may be due to investors pre-empting news of another rate hike.

Friday’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 at time of writing is currently $841.848 billion.

What Bitcoin did yesterday

We closed yesterday, December 11 2022, at a price of $17,104. The daily high yesterday was $17,245, and the daily low was $17,091.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $325.92 billion. To put it into context, the market cap of gold is $11.939 trillion and Tesla is $557.02 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $17.591 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 25.7%.

Fear and Greed Index

Market sentiment today is 27, in Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.83. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 42.65. 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

“It’s like the wheel. Once the basic architecture was figured out – the wheel wasn’t universally accepted, but a lot of people figured out when the wheel did come along that this is probably the absolute best design…And that design has not changed – it’s what we still live with today. Finally, after a million years of trying to look for the perfect money, we as humans found it in 2009. It’s called Bitcoin.”

Max Keiser, Bitcoin Activist

What they said yesterday

Communication is key…

In today’s world, people are financially divided

There are 100+ different fiat currencies

Tons of walls and barriers

Bitcoin/Lightning acts as a bridge connecting *any two fiat pools*

Allows companies to speak to each other and cut across the divisions

???? ⚡️

— Alex Gladstein ???? ⚡ (@gladstein) December 11, 2022

Unfortunate choice of plant…

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