What Changed in Crypto Markets While You Were Sleeping — May 6

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In Brief
  • Bitcoin bounced considerably on May 5 after reaching the $53,000 support area

  • Telcoin (TEL) is trading up 94% today.

  • Traders have been reporting high fees and technical difficulties using the new Uniswap v3 platform.

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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.

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Bitcoin update

BTC bounced considerably on May 5 after reaching the $53,000 support area. It created a bullish engulfing candlestick, negating the bearish implications from the previous day’s decrease. This is a sign that the trend is still bullish and the price is likely to continue heading upwards.

Technical indicators are also bullish. This is especially evident by the growing bullish cross in the Stochastic oscillator (green arrow).

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In addition, the MACD is moving upwards and is positive, and the RSI has just crossed above 50.

Therefore, the daily time-frame indicates that the current BTC trend is bullish.

BTC Chart By TradingView

Altcoin movers

Most assets in the top-100 cryptocurrencies by market cap are seeing green today amid a broader market pump. Uniswap Token (UNI) has fallen out of the top-10 today after a 6% loss. Bitcoin Cash (BCH) has moved into the #9 spot in a 22% gain in price to $1,318.

Telcoin (TEL) is the biggest altcoin mover in both the past 24 hours and the past week. TEL is trading up 94% today, moving it up to the #61 rank. TEL is up a total of 534% in the past seven days and is currently trading for $0.044.

BakeryToken (BAKE) is the biggest loser so far today. Its price is down by more than 10% and very close to falling out of the top-100 rankings.

In other crypto news

  • The highly-anticipated version 3 Uniswap upgrade may have fallen flat on its first day. Traders have been reporting high fees and technical difficulties using the platform.
  • Coinbase announced that it will close its San Francisco HQ and move to a telecommute model. Additionally, it released a transparency report for the second half of 2020.
  • Ethereum and bitcoin posted record-setting inflows last week. Further analytics from a recent CoinShares report shows investors dumped more money into crypto last week than any week since February. 

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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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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