What Changed in Crypto Markets While You Were Sleeping — July 6

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In Brief
  • Bitcoin (BTC) has rebounded after a bearish daily engulfing candlestick.

  • KuCoin Token (KCS) is up by more than 41% in the past 24 hours.

  • DeFi tokens are leading the market cap push.

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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

After BTC created a bearish engulfing candlestick on July 5, it proceeded to reach a low of $33,125 before bouncing. 

Technical indicators are bearish. The MACD histogram has created a lower momentum bar (red icon) that could give a bearish reversal signal if there is another negative daily close.

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While the Stochastic oscillator has made a bullish cross (green circle), the RSI is still below 50.

The closest resistance area is at $40,550 while the closest support level is found at $31,400.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has gained 2.5% today in a move to $1.52 trillion. The market cap has been gradually growing since hitting a local bottom of $1.32 trillion on June 23. The range high of $1.83 trillion was reached on June 4.

The majority of cryptocurrencies in the top-100 have grown over the past 24 hours, many even gaining double-digit percentages. The best performer of the past 24 hours is KuCoin Token (KCS) which has added more than 41% in the past day and is up 51% in the past week. Ecomi (OMI) and Synthetix Network Token (SNX) are also continuing to climb today, both are up by more than 35%.

XDC Network (XDC) is the day’s biggest loser so far. XDC is down 5% on the day, however, over the past week XDC has been one of the top gainers, adding over 54%.

In other crypto news

  • Decentralized finance (DeFi) tokens are leading today’s market push which has increased total cryptocurrency market capitalization to over $1.5 trillion once again.
  • International Blockchain Consulting “IBC” Group has responded to the Chinese government’s clampdown on cryptocurrency by closing down all of its Bitcoin and Ethereum mining facilities across China.
  • Decentralized finance (DeFi) protocol Yearn has teamed up with Enzyme Finance to offer greater yield opportunities for its users.

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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