BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC decreased significantly on May 12, reaching a low of $48,600. The decrease continued the next day, taking the price all the way to a low of $46,000.
However, BTC has bounced back since, creating a doji candlestick above the $47,800 support area. BTC hasn’t closed below this level since March. This candlestick also had a bullish close.
Technical indicators are neutral. While the Stochastic oscillator has made a bullish cross, the RSI has crossed below 50.
In addition, the MACD has crossed into negative territory for the first time since October 2020 (red arrows).
Altcoin movers
The total cryptocurrency market cap has recovered slightly today and currently stands at just under $2.3 trillion. Bitcoin dominance on the other hand has hit a local low at 41.5%. This is the lowest BTC dominance recorded since June 2018.
Most cryptocurrencies in the top-10 are in the green following a slight market recovery. Dogecoin (DOGE) has reclaimed its #4 position in a 26% gain on the day. Arweave (AR) is today’s biggest altcoin gainer. The #89-ranked token is up 41% on the day and is trading for $40.87.
While there are only a handful of altcoins in the top-100 seeing red today, Revain (REV) is the biggest loser. It’s down by more than 16% on the day but has still added over 83% to its market cap in the past week.
In other crypto news
- The Colonial Pipeline has begun operating normally again after paying a $5 million ransom in crypto to bad actors who digitally hijacked the pipeline’s controls.
- Coinbase has released its second transparency report, detailing financial authority requests made for the second half of 2020.
- The U.S. Internal Revenue Service (IRS) revealed that it would seize citizens’ crypto assets in order to settle unpaid taxes.
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