What Changed in Crypto Markets While You Were Sleeping — July 16
2 min readBeInCrypto 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.
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.
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