What Changed in Crypto Markets While You Were Sleeping — Aug 3

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In Brief
  • Bitcoin has continued to fall after being rejected from the $42,500 level on Aug 1.

  • THORChain (RUNE) is up by 18% in the past 24 hours.

  • Senator Pat Toomey released a statement that calls the wording on crypto taxation in the bipartisan infrastructure bill 'unworkable.'

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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 1, BTC reached a high of $41,599. This seemed to cause a breakout above the $40,550 resistance area, which had been in place since May 20. 

However, the price has been decreasing since and has fallen all the way to $37,966. This rendered the previous breakout a deviation, with the $40,550 area now expected to act as resistance again.

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BTC has nearly reached the $37,500 support area, which is the 0.382 Fib retracement support level. The next support areas are found at $35,930 and $34,370. These are the 0.5 and 0.618 Fib retracement support levels. 

Technical indicators are starting to show signs of weakness. The MACD has created the first lower momentum bar and the RSI has fallen below 70.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has fallen 3.5% on the day to $1.62 trillion after kicking off August with a move to a local high of $1.72 trillion. Bitcoin and Ethereum have pulled back 2.3% and 3.1% respectively, slowly losing much of the gains they’ve made in the past week.

THORChain (RUNE) is the top daily gainer, adding 18% in value — making for an increase of 84% in the past week. RUNE is now trading for $7.13 after reaching a local low of $3.55 on July 26. Stacks (STX) is hot on its heels, adding 17.6% in the past 24 hours.

Despite being the biggest weekly gainer at 106%, Bitcoin Cash ABC (BCHA) is tied for the biggest loser of the day with SafeMoon (SAFEMOON), both down 12.5% in the past 24 hours.

In other crypto news

  • Senator Pat Toomey of Pennsylvania has released a statement that calls the wording on crypto taxation in the bipartisan infrastructure bill ‘unworkable’ and says he will propose an amendment.
  • The Hall of Fame Resort and Entertainment Company has teamed up with a handful of NFL legends to mint a new non-fungible token (NFT) collection.
  • Digital asset management firm Arca has launched a new actively managed crypto fund that is aiming to offer low double-digit effective yields.

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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