Broader crypto market finds footing following volatility

CRYPTO markets have stabilised following yesterday's sell-off, which saw many cryptocurrencies drop by 5% or more.

Bitcoin is currently trading sideways around $59,500, while Ethereum has rebounded slightly, clawing back 3% of its losses from earlier in the week.

The broader market presents a mixed picture: some cryptocurrencies have recovered, while others, like Polygon and Maker, have extended their losses.

This dip in the crypto market coincides with growing macroeconomic uncertainty, as the tech-heavy Nasdaq fell by over 1%. Some commentators suggest that bulls may have overreacted to Jerome Powell's dovish remarks at last week's Jackson Hole meeting, which analysts say initially triggered a rally in Bitcoin and other assets.

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In the Markets

Total crypto market cap

$2.1 trillion (-0.51%)

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What Bitcoin did yesterday

Daily high $60,198 |  Daily low $57,912

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Bitcoin market capitalisation

$1.17 trillion (57.17% of market)

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Bitcoin 24-hour trading volume

$35 billion (-17%)

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SP500

-0.6%

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Fear and Greed Index

29 (Fear) 

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The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI)

49

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, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Note

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. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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