What Changed in Crypto Markets While You Were Sleeping — May 27

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In Brief
  • Bullish reversal signals are showing for bitcoin.

  • Enjin Coin (ENJ) is up nearly 37% on the day.

  • PayPal’s said that the platform would soon let users withdraw crypto to external wallets.

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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 has been moving upwards since it reached a local low of $30,000 on May 19. It created a higher low and a bullish engulfing candlestick on May 23 and 24, respectively.

The 0.382 and 0.618 Fib retracement levels provide the main resistance area. These targets are found at $41,200 and $48,150.

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Technical indicators are gradually turning bullish. The MACD gave a bullish reversal signal after the bullish close yesterday. Furthermore, the RSI is increasing after a bullish divergence, and the Stochastic oscillator has stopped falling.

Therefore, numerous bullish signs are developing, hinting at a potential BTC trend reversal. 

BTC Chart By TradingView

Altcoin movers

The total crypto market cap is sitting just under $1.72 trillion this morning after reaching a local high of $1.77 trillion yesterday. Every asset in the top-10 is down between 2%-5%.

The #10-ranked Internet Computer (ICP) is now less than $600 million away from being replaced by runner-up Uniswap (UNI). Enjin Coin (ENJ) is the day’s biggest altcoin gainer by a wide margin, ENJ is up nearly 37% on the day and an equal amount in the past week.

Revain (REV) is the biggest loser today. It’s has fallen 13% on the day to trade at $0.0145 and is currently the 76th most valuable cryptocurrency by market cap.

In other crypto news

  • PayPal’s VP of blockchain and cryptocurrencies said that the platform would soon let users withdraw crypto from the platform to external wallets.
  • Ripple CEO, Brad Garlinghouse, says it’s “highly likely” that the company will go public after its SEC lawsuit is concluded.
  • Gary Gensler, head of the U.S. Securities and Exchange Commission (SEC), has told Congress that the crypto market needs more regulation to protect investors and asked for greater funding and authority.

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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