BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC increased significantly on July 21. After falling to a low of $29,278, it began a rapid upward move that led to a high of $32,858.
This created a bullish engulfing candlestick. In addition, it reclaimed the $31,300 horizontal support area that previously had been in place since May 19. This is a bullish development since the area is now expected to act as support again.
However, technical indicators have not turned bullish yet.
The range high is found at $40,550.
Altcoin movers
The total cryptocurrency market cap has recovered 5% to $1.36 trillion after dipping to a five-month low of $1.29 trillion on July 21. This surge has been largely due to positive price moves in bitcoin and Ethereum, up 5% and 7.5% respectively.
Axie Infinity (AXS) has rebounded by over 35% on the day, returning to a price point of $24.16. While AXS briefly reached an all-time high of $29.58 on July 15, its highest daily close is slightly over $24.
Today’s biggest loser so far is LEO Token (LEO). LEO has lost more than 9% in value over the past 24 hours and is now down 6% on the week. Apart from stablecoins, LEO is the only altcoin in the top-100 by market cap that is down on the day.
In other crypto news
- Ethereum developers have been working hard to iron out any issues with code and clients on the testnets for the next major upgrade for the network.
- Tether General Counsel Stuart Hoegner said that an audit of Tether’s reserves could be released in a few month’s time.
- Ethereum co-founder Vitalik Buterin has stated that the network needs to expand beyond its current state, urging the community to help it grow.