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What Changed in Crypto Markets While You Were Sleeping — May 17

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin fell to a more than three-month low to just above $42,000.
  • Revain (REV) is up 33% on the day despite the bearish market.
  • Vitalik Buterin burned over $6 billion worth of SHIBA INU (SHIB) tokens.
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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.

Bitcoin update

BTC decreased considerably last week, falling from a high of $59,500 to a low of $43,825. This was the lowest price level BTC has seen since February.

At the time of press, bitcoin was trading above a strong support level at $43,400. This is both a horizontal support area and the 0.382 Fib retracement level when measuring the most recent portion of the upward movement.

If the price breaks down, the next support area would be found at $36,785.

Technical indicators in the weekly time frame are bearish. The MACD has generated several lower momentum bars and the Stochastic oscillator has made its first bearish cross since September 2019 (red arrows). However, the RSI is still above 50.

BTC Weekly Movement
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap fell to just over $2 trillion to kick off the week in a marketwide selloff, though it has since bounced back to $2.12 trillion. Nearly every crypto asset in the top-100 is in the red today.

Revain (REV) has shrugged off the dip and is posting a 33% gain on the day, making for a 117% increase during the past week. It’s trading just below $0.03 and has moved into the #57 position.

Qtum (QTUM) is suffering the most. The token is down nearly 13% on the day and 34% in just the past week. However, at the time of press, 12 other cryptocurrencies in the top-100 were also experiencing daily losses of more than 10%.

In other crypto news

  • Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring.
  • Vitalik Buterin has burned over $6 billion worth of SHIBA INU (SHIB) tokens and will donate the remaining amount to charity.
  • It’s another day, and another decentralized finance (DeFi) flash loan exploit has reared its head. The latest victim is bEarn, which lost $11 million in stablecoins on May 16.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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