BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC has been moving upwards at an accelerated rate since creating a higher low on Aug 5. This led to a high of $46,743 on Aug 11.
The high was made at the lower portion of the range between $46,800-$47,800. This range is created by a confluence of Fib retracement levels and is also a horizontal resistance area. After this, BTC created a shooting star candlestick (red icon) and decreased sharply toward $45,000.
The decrease was preceded by bearish divergence in the RSI and the MACD has created one lower momentum bar, a sign that momentum is gradually reversing.
Therefore, it’s possible that the top of the move has been reached.
Altcoin movers
The total cryptocurrency market cap has fallen slightly to $1.94 trillion after breaking above the $2 trillion resistance on Aug 11. This was the first time the market cap had risen above $2 trillion since falling below the level on May 20. Bitcoin and Ethereum both reached local highs near $46,500 and $3,200 respectively yesterday, but have pulled back some since then.
The altcoin market is a mixed bag today. In the past 24 hours, most altcoins are trading a few percentage points up or down on the day. XDC Network (XDC) is the top gainer of the day, adding 27% in the past 24 hours and is now up a total of 60% in the past week.
Ravencoin (RVN) is the biggest loser today, down by more than 11% in the past 24 hours. However, this seems to be a slight deviation from its strong bullish trend. RVN is still up by over 100% in the past week and is trading near the $0.15 price point after reaching a local low of $0.05 at the end of June.
In other crypto news
- Non-fungible token (NFT) marketplace OpenSea has been a hive of activity recently, with auctions and sales pushing gas prices higher. However, it appears that there may be something dubious going on.
- The Bank of Ghana has announced a central bank digital currency (CBDC) pilot program with German securities firm Giesecke+Devrient.
- Neuberger Berman has filed with the SEC for a commodity-focused fund to get crypto exposure by investing in bitcoin and Ethereum.
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