What Changed in Crypto Markets While You Were Sleeping — Aug 9

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In Brief
  • Bitcoin (BTC) closed a third consecutive week in the green just below the $44,000 level.

  • XDC Network (XDC) is up more than 23% on the day.

  • The U.S. Congress’ decision on the highly anticipated infrastructure bill is undergoing some delays because of the wording in its crypto legislation.

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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

Bitcoin (BTC) closed a third consecutive week in the green just below the $44,000 level. This is the highest close for BTC since initially falling below $46,000 on May 17. BTC managed to briefly cross $45,000 on Aug 8 but has fallen slightly to trade at $43,730.

Despite its daily closes above the range highs that were seen throughout May and June, BTC is facing some resistance from the 200-day moving average. If it can manage to successfully make some closes above the 200-day MA it could signal a test of the next resistance level near $50,000.

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BTC might first drop to the $41,000 zone to create a higher low and validate a support/resistance flip before challenging higher resistance levels.

BTC Chart by TradingView

Altcoin movers

The total crypto market cap is sitting at the $1.83 trillion level after reaching a local high of $1.91 trillion on Aug 8. This was the highest level reached since falling below $2 trillion on May 20. This increase was largely due to bitcoin pumping over the $44,000 mark and Ethereum crossing back above $3,000.

XDC Network (XDC) is today’s top gainer thus far, adding nearly 23% in value, and has nearly reached the $0.10 price level. This is more than double the next-highest gainer, Chiliz (CHZ), which is up 12% on the day.

On the other side of the spectrum, SafeMoon (SAFEMOON) is down more than 20% on the day and 11.3% in the past seven days. This has caused SAFEMOON to drop the #79 position and is dangerously close to making a three-month low below $0.000002.

In other crypto news

  • The U.S. Congress’ decision on the highly anticipated infrastructure bill is undergoing some delays because of the wording in its crypto legislation. When the bill was first announced, it noted that some of the costs would be offset through stronger enforcement of the crypto industry.

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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