What Changed in Crypto Markets While You Were Sleeping — May 21

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In Brief
  • Bitcoin managed to bounce back to the $43,000 level but was rejected by resistance.

  • Monero (XMR) and Telcoin (TEL) are currently tied for the biggest altcoin gainer of the day.

  • PancakeBunny released a postmortem on a flash loan exploit that cost it millions of dollars.

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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 increased on May 20 after finding support the previous day. However, it was rejected by the 0.382 Fib retracement resistance at $41,200. This is only a minor resistance level. The most critical resistance for BTC to overcome is $48,170. 

Despite the rejection, technical indicators have created the first bullish sign in the daily time frame. The RSI has moved above the 30-line, crawling out from oversold territory. However, both the MACD and Stochastic oscillator are still bearish. 

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The primary support area is found at $30,000, a level which was reached on May 19.

BTC Chart By TradingView

Altcoin movers

The cryptocurrency market cap is at $1.74 trillion today, still trending sideways after recovering from a massive market rout on May 19.

Binance Coin (BNB) is trading at $374 and its market cap is less than $1 billion away from reclaiming the third-ranked position from Tether (USDT). Dogecoin is also inching upwards and is close to overtaking XRP in the #6 position.

Monero (XMR) and Telcoin (TEL) are currently tied for the biggest altcoin gainer of the day. Both are up just over 19% in the past 24 hours. SHIBA INU (SHIB) is still feeling the shockwaves from the market downturn. It’s both the day’s and week’s biggest loser, down 14% and 56% respectively.

In other crypto news

  • The embattled PancakeBunny exchange has published a detailed breakdown of the incursion that cost it millions of dollars and dumped token prices by 95% yesterday.
  • Christie’s auction house will sell five artworks by Andy Warhol as non-fungible tokens (NFT), with the proceeds going to The Andy Warhol Foundation for the Visual Arts.

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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