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What Changed in Crypto Markets While You Were Sleeping — Aug 6

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

BTC update

BTC reached a low of $37,332 on Aug 5. However, it immediately began moving upwards, creating a very long lower wick in the process, and reached a bullish close of $40,862. 

It’s currently trading inside the range high of $40,550. The resistance area has been in place since May 19, with the exception of the deviation above it between July 30 – Aug 2. 

Technical indicators for BTC are somewhat neutral. The MACD created a higher momentum bar, but it looks like it’s beginning to decrease again. Both the RSI and Stochastic oscillator are bullish but are showing decreasing momentum.

What Changed in Crypto Markets While You Were Sleeping — Aug 6
BTC Chart by TradingView

Altcoin movers

The total cryptocurrency market cap is up by 3.6%, reaching a local high of $1.73 trillion today. It’s the first time the market cap has been at this level since June 15. The positive move can be largely attributed to BTC and ETH pumping 6% and 5.5% respectively.

Nearly every altcoin in the top-100 by market cap is also in the green today as a result. BTC Cash ABC (BCHA) is the top gainer, however, adding more than 25% in value in the past 24 hours. This has also made BCHA the top gainer of the week thus far, up nearly 135% in the past seven days.

Quant (QNT) is down slightly over 3% on the day after reaching a new all-time high of $176 on Aug 5. These slight retracements can be expected after such drastic price increases. At the start of 2021, QNT was trading hands for only $11.

In other crypto news

  • The highly anticipated ETH London upgrade went live on Aug 5 and is already burning millions of dollars worth of the digital asset.
  • U.S. Federal Reserve Governor Christopher Waller has stated that he is “highly skeptical” that the country needs to develop its own central bank digital currency (CBDC).
  • Coinbase has announced that it will allow users to buy crypto via Apple Pay and Google Pay through linked debit cards.

The post What Changed in Crypto Markets While You Were Sleeping — Aug 6 appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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