What Changed in Crypto Markets While You Were Sleeping — May 19

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In Brief
  • Bitcoin fell to a more than three-month low of $38,500.

  • MATIC is up 12% despite a marketwide crash.

  • Rumors are swirling that Robinhood could soon release its IPO filing.

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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 had been trading inside a descending parallel channel since April 14. While it initially bounced at the support line of this channel, it proceeded to break down on May 19.

Currently, it’s trading at a horizontal support area found at $39,000.

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However, technical indicators are bearish. The Stochastic oscillator has just made a bearish cross and the RSI has fallen below 30. The MACD is also negative and decreasing.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap tanked to $1.85 trillion one week after hitting an all-time high of $2.53 trillion. Nearly every asset in the top-100 by market cap is in the red — many have made double-digit percentage losses.

Internet Computer (ICP) is doing particularly bad. The token has fallen out of the top-10 and is trading for $148 in a 26% loss on the day. ICP is down more than 56% in the past week to boot.

Only SUSHI, FTM, and MATIC are the only assets in the top-100 that are up on the day. MATIC seems unfazed by the huge market losses — it’s up by over 12% in the last 24 hours and 112% in the past week, making it the highest gainer in both regards.

In other crypto news

The stock and crypto trading platform Robinhood, which is expected to go public this year, could reveal its IPO filings as early as next week.

Michael J. Hsu, the Acting Comptroller of the OCC, said in a statement that the agency will review past crypto guidelines issued by the U.S. agency.

Blockchain technology provider Blockstream has announced a strategic bitcoin mining partnership with crypto asset service manager BlockFi.

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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