BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC decreased during the week of July 12-19, creating a bearish candlestick and falling to a low of $31,020.
Despite the drop, it’s still trading inside the $32,400 long-term horizontal support area, which has been in place since the beginning of January, creating several long lower wicks. The next closest support area is at $27,000.
Technical indicators in the weekly time frame are bearish. The MACD is decreasing and is nearly negative, the RSI is below 50, and the Stochastic oscillator has made a bearish cross.
Therefore, it’s likely that the long-term trend is bearish.
The total cryptocurrency market cap has shrunk by 1.3% today in a move to $1.33 trillion. This is only slightly higher than the local low of $1.32 that was seen on June 22. Despite holding on above this support, the trend has been overwhelmingly negative.
Nearly every cryptocurrency in the top-100 is in the red today. Bitcoin (BTC) is down by 0.5% while Ethereum (ETH) has lost 3.6% on the day. Klaytn (KLAY) is the day’s top gainer so far, up nearly 8% in the past 24 hours.
Last week’s altcoin frontrunner, Axie Infinity (AXS), has dropped by nearly 15% in value today and is now down by more than 13% in the past week. AXS prices shot up at the beginning of July, moving from around $5.50 to an all-time high of $23.74 on July 16. Today, AXS is trading for $16.64.
In other crypto news
- A recent underground mining farm bust in Ukraine was not being used for crypto, as was initially reported. Instead, it was extracting FIFA Ultimate Team cards.
- Decentralized exchange (DEX) SushiSwap is mulling ideas on how to raise funds for protocol treasury without negatively impacting its community.
- A paper published by a Yale Professor and Board of Governors member of the Federal Reserve System asks for supervision of the stablecoin market.