What Changed in Crypto Markets While You Were Sleeping — May 24

Share Article
In Brief
  • Bitcoin closed last week with another bearish candlestick.

  • Maker (MKR) is up 46% on the day amid some market recovery.

  • Bogged Finance fell victim to a $3.6 million flash loan attack.

  • promo

    The BIT Time Rush: 8M BIT to Be Won. Three Innings; Massive Winnings. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Sponsored



Sponsored

Bitcoin update

Last week, BTC created another bearish candlestick. The decrease took it to the $30,000 support area that was created in January 2021. 

The price has recovered slightly since and is attempting to reclaim the $34,300 area. This is the 0.5 Fib retracement level of the entire previous upward movement. It has yet to reach a close below this level amid the current correction. 

Sponsored



Sponsored

However, technical indicators are decisively bearish. The RSI has crossed below 50 while the Stochastic oscillator has made a bearish cross. Furthermore, the MACD is close to turning negative.

BTC Chart By TradingView

Altcoin movers

Between May 13 and May 24, the total crypto market cap fell from an all-time high of $2.55 trillion to a local low of $1.28 trillion. Amid some slight recovery, the market cap has bounced back to $1.52 trillion at the time of press.

Binance Coin (BNB) has dropped back some, falling to fifth place behind Cardano (ADA). USD Coin (USDC) has also found its way into the top-10 as its market cap grew to $14.3 billion.

While most cryptocurrencies in the top-100 are in the green today, none are doing better than Maker (MKR). At the time of press, MKR is up 46% on the day and trading for $3,500. Polygon (MATIC) is hot on its heels, however, seeing a 43% gain. Only a handful of altcoins are still struggling today. Revain (REV) is seeing the worst. REV is down a further 11% on the day making for a total 59% loss in the past week.

In other crypto news

  • Flash loan attacks on decentralized finance (DeFi) protocols have come thick and fast over the past few months. The latest to fall victim is Bogged Finance.
  • BTC.TOP and HashCow announced the suspension of their businesses in China. BTC.Top cited regulatory risks, while crypto miner HashCow said it would halt buying new Bitcoin rigs.
  • South Korea’s central bank is planning to conduct a mock test on the functionality of a central bank digital currency (CBDC).

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.
Sponsored
Share Article

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.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Limited offer! Learn to mine and trade crypto today for free

Join

The BIT Time Rush. 8M BIT to Be Won. Three Innings; Massive Winnings.

Join Now!