Bitcoin has a peek above $86k, while volatility grips broader market
📉 Crypto markets pull back: Bitcoin and Ethereum declined as concerns over a potential US recession weighs on investor sentiment.
💼 Bitcoin ETFs see renewed inflows: Despite the broader downturn, institutional inflows into Bitcoin ETFs have picked up, signaling ongoing interest.
🔮 Bitcoin hedge? Some suggest that investors are turning to Bitcoin as a hedge against economic instability, despite short-term price swings.
CRYPTOCURRENCY markets extended their decline on Wednesday as investor sentiment deteriorated amid mounting concerns over a potential US recession and weakening economic indicators.
Bitcoin (BTC) fell by 2.4% to $83,822, while Ethereum (ETH) declined 3.8% to $1,578. Altcoins faced steeper losses, with Berachain (BERA) dropping 9% to and Celestia (TIA) down similarly.
The downturn in crypto markets coincided with broader economic concerns. Despite the current market softness, institutional interest in Bitcoin appears to be resilient. Spot Bitcoin exchange-traded funds (ETFs) have seen renewed inflows recently, which some analysts suggest could indicate that some investors view Bitcoin as a potential hedge against economic instability.
In the markets
🌍 Total crypto market cap ⬇️
The global cryptocurrency market capitalization is approximately $2.62 trillion, reflecting a 3.13% decrease over the last 24 hours.
🟠 Bitcoin (BTC) ⬇️
Price: Currently trading at $83,218, marking a 2.99% decrease in the last 24 hours.
Daily high: $86,186
Daily low: $83,219
💎 Ethereum (ETH) ⬇️
Price: Currently trading at $1,560.45, reflecting a 4.97% decrease in the last 24 hours.
Daily high: $1,651
Daily low: $1,559
📈 S&P 500 ⬇️
The S&P 500 index is down approximately 0.17% since yesterday.
😬 Fear & Greed Index
The Fear and Greed Index currently stands at 29/100, indicating Fear among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The RSI for Bitcoin is at approximately 43.85, suggesting a neutral to weak momentum without entering oversold territory.
Cautionary Notes
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.
