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

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In Brief
  • Bitcoin was rejected by the $59,500 resistance area on April 6.

  • XRP is up 80% in the past two days.

  • Former BitMEX CEO Arthur Hayes has turned himself over to U.S. authorities.

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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 downwards since getting rejected by the $59,500 resistance area on April 6.

The decrease has been gradual, but technical indicators are still bearish. 

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The MACD has crossed into negative territory and the RSI is at risk of falling below 50. 

The next closest support levels are found at $56,500 and $55,300.

BTC/USD Chart By TradingView

Altcoin movers

Altcoins have been on a roller coaster ride of price movements in the past 24 hours.

After an 80% gain over the past two days, XRP has jumped back into the fourth spot in terms of market cap. It’s currently trading for $0.97 with a $1.5 billion lead over the #5-ranked Tether (USDT).

Bitcoin Gold (BTG) has been the biggest altcoin gainer in the top-100. It’s trading at $106 after a 71% gain in the past 24 hours. BTG is up a grand total of 163% in the past week alone.

Although it was yesterday’s top gainer, Stacks (STX) is down 30% in the past 24 hours. It’s dropped back to the #67 position and is trading for $1.63.

In other crypto news

  • Arthur Hayes, co-founder and former CEO of the BitMEX exchange, has surrendered and will face charges relating to the failure to implement money laundering measures. A resident of Singapore, Hayes turned himself over to U.S. authorities. Following his surrender, he appeared in court in Honolulu, Hawaii.
  • Less than a week after its launch, the controversial Fei Protocol has already found a vulnerability in its code. The team was quick with a fix but it did not prevent the stablecoin from losing 20% off its peg.
  • The latest decentralized finance protocol to launch its own token is crypto wallet provider Instadapp. The project is also one step closer to its next big upgrade to Layer 2.

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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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