What Changed in Crypto Markets While You Were Sleeping — May 7

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In Brief
  • Bitcoin (BTC) technical indicators are neutral.

  • Bitcoin Diamond (BCD) is up by 71% on the day.

  • Square's Cash App bitcoin revenue skyrocketed in Q1 2021.

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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 has been moving upwards since bouncing at the $53,000 support area on May 5. The support area is created by the 0.5 Fib retracement level of the most recent upward movement (white). 

The upward move continued until a high of $58,360 was reached. The high was made very close to the 0.618 Fib retracement level (black) when measuring from the most recent downward movement. 

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BTC was then rejected and has been decreasing since.

Technical indicators are relatively neutral. The MACD is positive and the RSI is above 50. However, both are showing a lack of momentum, which in turn fails to confirm the direction of the trend.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap reached a new all-time high just above $2.4 trillion on May 6. Most assets in the top-10 are in the green this morning. Cardano (ADA) reached a new all-time high of $1.70 yesterday and is hot on the heels of flipping Tether out of the #6 spot.

Bitcoin Diamond (BCD) is the day’s biggest altcoin gainer. It has moved up to the $6.12 price point in a 71% gain on the day. BCD is also one of the top gainers of the week so far, up 163%.

Yesterday’s biggest gainer, Telcoin (TEL), is today’s biggest loser. TEL is down 17% today after reaching an all-time high above $0.04 on May 6. Despite this correction, TEL is still the biggest altcoin gainer of the week by far, up 418%.

In other crypto news

  • Square’s Cash App bitcoin sales revenue has increased by nearly 11x year-over-year in Q1 2021, according to a shareholder letter it recently released.
  • Decentralized finance (DeFi) aggregator Yearn has had a great month for earnings in April as fees for its version 2 vaults pile up.

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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