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What Changed in Crypto Markets While You Were Sleeping — July 16

2 min read

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

BTC update

On July 15, BTC reached a low of $31,113. This came as a result of a significant bearish candlestick, which invalidated the bullish hammer from July 14. BTC touched the $31,300 horizontal support area for the sixth time (green icon).

Technical indicators are bearish. The MACD has given a bearish reversal signal, the RSI is below 50, and the Stochastic oscillator has made a bearish cross.

The closest resistance is found at $40,550. This target is both the 0.382 Fib retracement resistance level and a horizontal resistance area. 

BTC Support
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has fallen by more than 3% today in a move to $1.33 trillion. The market cap has now returned to the range low support level. BTC (BTC) has lost nearly 3% on the day and ETH (ETH) is down by more than 4%.

Nearly every single altcoin in the top-100 by market cap has lost value over the last 24 hours. NEM (XEM) is faring the best and is up by more than 13% in the past day.

Telcoin (TEL) is the day’s worst performer so far. TEL has lost 24.4% of its value today and is down a total of 37.3% in the past week. Axie Infinity (AXS) is also down by more than 20% after its meteoric run in the past few weeks. AXS Is still up by 88% in the past week, however.

In other crypto news

  • Cross-chain decentralized exchange (DEX) THORChain has been added to the lengthening list of exploited protocols as details emerge of a multi-million dollar hack.
  • Square will launch a BTC-focused decentralized finance (DeFi) platform, according to CEO Jack Dorsey. The platform is still in the very early stages of its development.
  • U.S. House of Representatives members have proposed a new bill that will provide a definition for cryptocurrencies under the Securities Act.

The post What Changed in Crypto Markets While You Were Sleeping — July 16 appeared first on BeInCrypto.


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