What Changed in Crypto Markets While You Were Sleeping — Aug 6

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In Brief
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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.

Bitcoin update

BTC reached a low of $37,332 on Aug 5. However, it immediately began moving upwards, creating a very long lower wick in the process, and reached a bullish close of $40,862. 

It’s currently trading inside the range high of $40,550. The resistance area has been in place since May 19, with the exception of the deviation above it between July 30 – Aug 2. 

Technical indicators for BTC are somewhat neutral. The MACD created a higher momentum bar, but it looks like it’s beginning to decrease again. Both the RSI and Stochastic oscillator are bullish but are showing decreasing momentum.

BTC Chart by TradingView

Altcoin movers

The total cryptocurrency market cap is up by 3.6%, reaching a local high of $1.73 trillion today. It’s the first time the market cap has been at this level since June 15. The positive move can be largely attributed to bitcoin and Ethereum pumping 6% and 5.5% respectively.

Nearly every altcoin in the top-100 by market cap is also in the green today as a result. Bitcoin Cash ABC (BCHA) is the top gainer, however, adding more than 25% in value in the past 24 hours. This has also made BCHA the top gainer of the week thus far, up nearly 135% in the past seven days.

Quant (QNT) is down slightly over 3% on the day after reaching a new all-time high of $176 on Aug 5. These slight retracements can be expected after such drastic price increases. At the start of 2021, QNT was trading hands for only $11.

In other crypto news

  • The highly anticipated Ethereum London upgrade went live on Aug 5 and is already burning millions of dollars worth of the digital asset.
  • U.S. Federal Reserve Governor Christopher Waller has stated that he is “highly skeptical” that the country needs to develop its own central bank digital currency (CBDC).

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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