What Changed in Crypto Markets While You Were Sleeping — Aug 24

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In Brief
  • Bitcoin is fighting to move above the 0.618 Fib retracement resistance at $51,200.

  • SwissBorg (CHSB) is the biggest gainer of the day, adding 17%.

  • El Salvador President Nayib Bukele announced on Twitter that the Chivo bitcoin wallet would launch on Sept 7.

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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

On Aug 23, BTC reached a high of $50,500. This was very close to the 0.618 Fib retracement resistance level and the $51,200 horizontal resistance area. 

BTC created a long upper wick and a potential shooting star candlestick. Today’s close is crucial since it can either confirm or reject the potential reversal from the shooting star.

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Technical indicators are showing weakness. The MACD and RSI have created bearish divergences, and the former is giving a bearish reversal signal. The Stochastic oscillator is also very close to making a bearish cross.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is holding steady at $2.23 trillion today after a slight spike to $2.27 trillion on Aug 23. Bitcoin is down by nearly 1% while Ethereum has gained 0.5% on the day. Because of this indecision, the altcoin market has been mostly flat.

A few altcoins have actually gained more than 10% on the day. SwissBorg (CHSB) is the biggest gainer of the day, adding 17%. CHSB is now up a total of 58% in the last seven days and trading at $1.12. It still has yet to reach its all-time high of $1.53 that was made back in March.

Amp (AMP) is down 7% in the past 24 hours. It has fallen to #50 in the market cap rankings and is currently trading for $0.063. AMP hit a local low of $0.041 on July 21 and has recovered slightly on the road back to its all-time high of over $0.10.

In other crypto news

  • El Salvador President Nayib Bukele announced on Twitter that the Chivo bitcoin wallet would launch on Sept 7 and that BTC use would not be mandatory.
  • Google’s app store is eight apps lighter today after a number of misleading crypto apps were ejected from the platform. 

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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