What Changed in Crypto Markets While You Were Sleeping — July 1

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In Brief
  • Bitcoin (BTC) has slipped back to the $33,000 support level.

  • Maker (MKR) has gained nearly 13% on the day.

  • Robinhood has been hit with a record $70 million fine from FINRA.

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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 price

BTC has been increasing since bouncing above the $31,400 horizontal support area on June 22. So far, it has managed to reach a high of $36,600, doing so on June 29. 

The upward movement was preceded by significant bullish divergence in the MACD, RSI, and Stochastic oscillator. However, neither has a bullish reading yet. The RSI is just below 50 and the MACD signal line is still negative. Furthermore, the Stochastic oscillator has already made a bearish cross.

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The BTC price fell yesterday but did not create a bearish engulfing candlestick. Nevertheless, it seems to have resumed its downward movement today.

The main resistance area is at $40,550. This is a horizontal resistance and the 0.382 Fib retracement level.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has dipped back to $1.43 trillion today in a 3.7% slip. Throughout the month of June, the market cap mostly moved sideways in a range between $1.77 trillion and $1.34 trillion. The majority or cryptocurrencies in the top-100 by market cap are seeing losses on the day.

Maker (MKR), currently ranked #44 is the biggest altcoin gainer of the day, up nearly 13% in the past 24 hours. MKR has also gained 14.4% in the past week.

Although most altcoins are suffering small percentage losses today, Waves (WAVES) is suffering the most. WAVES is down almost 11% on the day and has fallen back to the #61 position by market cap.

In other crypto news

  • American private regulatory organization Financial Industry Regulatory Authority (FINRA) has ordered Robinhood to pay a record financial penalty for “significant harm” to customers. 
  • The Federal Bureau of Investigation (FBI) has been bolstering its systems and using stronger tactics to tackle cybercrime and the nefarious use of cryptocurrency, according to a Bloomberg report.
  • Decentralized finance (DeFi) protocol Element has launched to mainnet on Ethereum completed offering higher fixed-rate yields than can be found on existing platforms.

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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