BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC decreased during the week of July 12-19, creating a bearish candlestick and falling to a low of $31,020.
Despite the drop, it’s still trading inside the $32,400 long-term horizontal support area, which has been in place since the beginning of January, creating several long lower wicks. The next closest support area is at $27,000.
Technical indicators in the weekly time frame are bearish. The MACD is decreasing and is nearly negative, the RSI is below 50, and the Stochastic oscillator has made a bearish cross.
Therefore, it’s likely that the long-term trend is bearish.
Altcoin movers
The total cryptocurrency market cap has shrunk by 1.3% today in a move to $1.33 trillion. This is only slightly higher than the local low of $1.32 that was seen on June 22. Despite holding on above this support, the trend has been overwhelmingly negative.
Nearly every cryptocurrency in the top-100 is in the red today. Bitcoin (BTC) is down by 0.5% while Ethereum (ETH) has lost 3.6% on the day. Klaytn (KLAY) is the day’s top gainer so far, up nearly 8% in the past 24 hours.
Last week’s altcoin frontrunner, Axie Infinity (AXS), has dropped by nearly 15% in value today and is now down by more than 13% in the past week. AXS prices shot up at the beginning of July, moving from around $5.50 to an all-time high of $23.74 on July 16. Today, AXS is trading for $16.64.
In other crypto news
- A recent underground mining farm bust in Ukraine was not being used for crypto, as was initially reported. Instead, it was extracting FIFA Ultimate Team cards.
- Decentralized exchange (DEX) SushiSwap is mulling ideas on how to raise funds for protocol treasury without negatively impacting its community.
- A paper published by a Yale Professor and Board of Governors member of the Federal Reserve System asks for supervision of the stablecoin market.