What Changed in Crypto Markets While You Were Sleeping — July 12

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In Brief
  • Bitcoin closed a bearish candlestick last week but is still trading above support.

  • Telcoin (TEL) has gained nearly 21% in the past 24 hours.

  • Line has launched the LINE Financial Blockchain to foster central bank digital currency use in Asia.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

BTC decreased slightly during the week of July 7-12. It proceeded to reach a low of $32,077 before rebounding slightly and closing at $34,258. 

It has been trading above the $32,400 horizontal support area since May 19. While BTC created several long lower wicks below this area, it has not managed to reach a close below it. Therefore, the support area is still intact. 

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Despite this occurrence, technical indicators are bearish. The MACD is negative and decreasing, the RSI has fallen below 50, and the Stochastic oscillator has made a bearish cross.

The 0.618 Fib retracement support level is located at $27,050.

BTC Chart by TradingView

Altcoin movers

The total cryptocurrency market cap is up nearly 3% on the day, returning to the $1.47 trillion level. Since the beginning of July, the market cap has mostly been moving sideways in a range between $1.39 trillion and $1.5 trillion. Both bitcoin (BTC) and Ethereum (ETH) are up 2% on the day.

While the majority of altcoins in the top-100 are in the green today, Telcoin (TEL) is the best performer. TEL has gained nearly 21% in the past 24 hours. Despite this positive short-term movement, TEL is still down by more than 22% in the past week.

Stacks (STX) is the day’s biggest loser at the moment. STX has lost 8% in the past 24 hours. However, this appears to be just a retracement, as STX is still up by nearly 50% in the last week. STX has rebounded to the $1.30 level after plummeting to a local low of $0.60 on June 22.

In other crypto news

  • LINE, a high-profile South Korean communications company, has launched the LINE Financial Blockchain to foster central bank digital currency (CBDC) use in Asia.
  • Circle CEO Jeremy Allaire announced that the USDC stablecoin would become transparent, with a summary of USDC reserves and attestations to be published as the company prepares to go public.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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