BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC has been moving downwards at an accelerated pace since May 10. The decrease has taken the price all the way down to a local low of $42,000 on May 17.
The low was made right at the support line of a descending channel that has been in place since the April 14 all-time high. Parallel channels are often corrective movements, so an eventual breakout is likely.
The MACD, RSI, and Stochastic oscillator are all decreasing. However, all three have generated bullish divergences, a strong sign that the price is likely to head higher.
Altcoin movers
The total cryptocurrency market cap briefly fell below $2 trillion for the first time since the end of April. In the past few hours it’s bounced back to $2.11 trillion but the prospects for recovery are still ambiguous.
Litecoin is recovering quicker than most cryptocurrencies in the top-10 and is just over $500 million from reclaiming the #10 position from Bitcoin Cash (BCH). Polygon (MATIC) is today’s biggest gainer so far. The token #17-ranked token is up by more than 33% on the day and 150% in the past week.
iFinex’s UNUS SED LEO token is the day’s biggest loser. It’s the only asset in the top-100 down by double-digit percentages this morning, losing nearly 18%. It’s dropped back to the #49 position and is trading for $3.17.
In other crypto news
- Reports are emerging that FinNexus is the latest victim of a decentralized finance (DeFi) exploit, losing $7.6 million in tokens.
- The world’s highest market cap stablecoin, Tether (USDT), has announced that it will be available on the Avalanche network.
- Fitch Ratings asserts that central bank digital currencies (CBDCs) could disrupt financial systems as a result of disintermediation and cybersecurity threats.
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