What Changed in Crypto Markets While You Were Sleeping — July 8
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
BTC made another attempt at moving upwards on July 8 but created another long upper wick. It has fallen slightly since, so far reaching a low of $32,530.
It has been trading relatively close to this level since June 21.
Technical indicators are undecided. The RSI is at the 50-line and the Stochastic oscillator is undecided between making a bullish or bearish cross. Similarly, the MACD has lost its strength but is still positive.
BTC is still trading inside the same range between $31,300 and $40,550. The latter target is the 0.382 Fib retracement resistance level.
Altcoin movers
The total cryptocurrency market cap is down nearly 7% today after making some headwinds earlier this week. Since June 22, the market cap has been moving in a tight range between $1.3 trillion and $1.5 trillion. It’s currently sitting near the middle of this range at $1.42 trillion.
Only a handful of altcoins in the top-100 are experiencing gains on the day. Among these, Flow (FLOW) is performing the best, adding more than 18% in value in the past 24 hours. FLOW is also one of the top gainers of the week, up nearly 60%.
On the other side of the spectrum, KuCoin Token (KCS) has lost more than 21% today. However, despite the pullback, KCS is one of the top performers in the past week, adding nearly 52% in value.
In other crypto news
- Argentina’s National Deputy for Mendoza, José Luis Ramón, has announced a new bill that would see employees in certain sectors receive salaries in cryptocurrency.
- The Reserve Bank of New Zealand has begun a consultation for revamping its cash and currency system, and this includes reviewing a potential central bank digital currency (CBDC).
- The crypto division of Robinhood expects to pay a minimum of $10 million to New York regulators for alleged violations relating to cybersecurity and anti-money laundering.
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