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 trading inside a range between $31,300 and $40,550 since May 19. It’s currently in the lower portion of this range.
On July 12, BTC created a bearish engulfing candlestick and fell to a low of $32,658. However, it has bounced back to the $33,000 level since.
Technical indicators are leaning bearish. The Stochastic oscillator is close to making a bearish cross and the RSI is below 50. In addition, the MACD has created one lower momentum bar. Another bearish close with another lower momentum bar would give a bearish reversal signal in the MACD.
Altcoin movers
The total cryptocurrency market cap has dropped by nearly 4% on the day and is currently sitting slightly above $1.41 trillion. This continues the mostly sideways trend that the market cap has been following. Since June 26, the market cap has been stuck in the range of $1.3 trillion and $1.5 trillion.
As expected, nearly every cryptocurrency in the top-100 by market cap has lost a few percent in value over the past 24 hours. Axie Infinity (AXS), however, is up by over 18% and is the best performer of the day by far. AXS has been on fire recently and is also the biggest mover of the past week, up by a whopping 162%.
On the other end of the spectrum, KuCoin Token (KCS) is the biggest loser of the day. After recently climbing to a local high of $14.46 on July 7, KCS has retraced back to the $12.65 level. KCS is down by nearly 12% in the past 24 hours but is still up by more than 36% in the past week.
In other crypto news
- The amount of collateral locked across various decentralized finance (DeFi) protocols has rebounded over the past two weeks or so, suggesting the sellers are running out of steam.
- A report from CryptoCompare shows that crypto derivatives volumes have exceeded that of spot volumes for the first time in this year, as the market undergoes a recovery phase.
- SelfWealth, a popular broker in Australia, will add up to ten prominent cryptocurrencies to its platform, following crypto trading interest from its customer base.
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