What Changed in Crypto Markets While You Were Sleeping — Aug 11

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In Brief
  • Bitcoin is approaching a very significant resistance level between $46,800 and $47,800.

  • Axie Infinity (AXS) is up by over 57% on the day.

  • BitMEX has settled its case with the U.S. CFTC and FinCEN, paying a $100 million fine.

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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 increasing since July 20 after it reached a local low of $29,278. It created a higher low on Aug 5 and resumed its ascent after. 

So far, it has managed to reach a high of $46,700 on Aug 10. 

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It’s approaching a very significant resistance level between $46,800 and $47,800. The resistance is created by the long-term 0.5 Fib retracement level (white), the short-term 0.618 Fib retracement level (black), and a horizontal resistance area.

Reclaiming this level would go a long way in indicating that the trend is still bullish. However, while the Stochastic oscillator and the MACD are bullish, the RSI has a generated bearish divergence (blue).

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has continued to climb today, currently sitting just under the $2 trillion level at $1.97 trillion. This is the highest market cap reading since May 20, 2021. This equates to a 57% gain from the local low of $1.25 trillion that was reached on July 21.

The majority of altcoins in the top-100 by market cap have shown steady gains in the past 24 hours. Axie Infinity (AXS) takes the cake, however, growing by a massive 57% on the day to a new all-time high of $72.61. For reference, AXS was trading at around $5 at the beginning of July.

Internet Computer is today’s biggest loser thus far, down 7.1%. Despite this loss, ICP is trading at a two-month high of around $70 after bottoming out below $30 near the end of July.

In other crypto news

  • BitMEX has settled its case with the U.S. CFTC and FinCEN, paying a $100 million fine. The exchange will now focus on new business products and compliance.
  • Decentralized exchange Uniswap is no longer on top when it comes to Ethereum usage. That accolade has now been taken by the OpenSea NFT marketplace amid a flurry of new NFT airdrops and rock fever.
  • A massive $600 million cyberattack targeting Poly Network was carried out on Aug 10. Tether CTO Paolo Ardoino claims that Tether has already frozen $33 million $USDT that were part of the stolen assets, effectively locking the tokens.

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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