What Changed in Crypto Markets While You Were Sleeping — Aug 5

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In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

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 decreasing since reaching a high of $42,599 on Aug 1. The downward movement led to a low of $37,481 being reached on Aug 4. 

However, BTC immediately reversed and created a bullish engulfing candlestick, leading to a high of $39,973 the same day.

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It’s still trading below the $40,550 area, which is now likely to act as resistance again. Furthermore, technical indicators have begun to show bearish signs, such as the decreasing momentum in the MACD and RSI cross below 70.

BTC Chart By TradingView

Altcoin movers

The total crypto market cap has grown by 4% today and is just shy of overtaking the local high of $1.7 trillion. This growth can be largely attributed to spikes in Ethereum and altcoins. Ethereum is up by 8.5% on the day, causing the price of nearly every altcoin in the top-100 to move up by multiple percentage points.

Voyager Token (VGX) is the top altcoin gainer of the day so far. VGX is up by more than 21% on the day, taking it to a price of $3.38. It’s also the fourth-highest weekly gainer, adding 67% in the past seven days. Despite this, VGX is still a far shot from its 2018 all-time high of over $12.

Only one altcoin out of the entire top-100 has gone down in value today. LEO Token (LEO) has lost half a percent on the day after reaching a triple top near $3.10 yesterday. If it is able to break past this resistance level, there’s a good chance LEO could challenge its all-time high price of $3.80 that was made on May 13, 2021.

In other crypto news

  • The IRS has already seized $1.2 billion worth of cryptocurrencies in 2021 that have been used for illicit purposes, which is almost ten times as much as last year.
  • Decentralized finance (DeFi) lending and stablecoin platform TrustToken has secured a large seed round backed by big names in venture capital investing.
  • Binance and crypto payment technology providers Alchemy Pay are teaming up to bring Binance Pay to Shopify, Aldo, and other merchants. 

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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