BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC had been trading inside a range between $30,300 and $40,550 since May 19. While it had fallen below the support area a few times, it did not reach a daily close below it.
On July 19, it fell below the area once more and proceeded to reach a close of $30,839, which is the lowest since January.
Even though there are multiple unconfirmed bullish divergences, technical indicators are bearish. The RSI and MACD are falling, and the Stochastic oscillator has made a bearish cross and is also moving downwards.
However, trading volumes on the breakdown have been low.
Altcoin movers
The total crypto market cap has sunk by more than 7% on the day to reach a five-month low of $1.23 trillion. Bitcoin has lost more than 5% in value over the past 24 hours while Ethereum has fallen by 7%. Many altcoins have lost double-digit percentages in the past day.
Only LEO Token (LEO) and Dash (DASH) have made gains today. LEO is up by 8.3% and is currently trading at the $3.20 price point. DASH is up by nearly 5% but is still down by 6% on the week.
THORChain (RUNE) and Mdex (MDX) are currently tied for the biggest altcoin losers. Both are down by 20% in the past 24 hours, however, RUNE has now lost almost 50% of its value since last week.
In other crypto news
- A trio of Republican senators penned a letter to the United States Olympic & Paralympic Committee (USOPC) expressing concerns about China using its digital yuan as a way to spy on Team USA.
- Lawyers representing Ripple Labs have sent a letter to the judge presiding over its lawsuit with the SEC, pointing to remarks made by two SEC Commissioners’ in another case.
- The Polygon-based yield farming protocol PolyBunny has detailed the latest exploit in the decentralized finance (DeFi) sector, promising compensation for the victims.