What Changed in Crypto Markets While You Were Sleeping — July 16

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In Brief
  • Bitcoin (BTC) has fallen to the range-low support level.

  • NEM (XEM) has gained more than 13% in the past 24 hours.

  • THORChain has suffered a multi-million dollar attack.

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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 July 15, BTC reached a low of $31,113. This came as a result of a significant bearish candlestick, which invalidated the bullish hammer from July 14. BTC touched the $31,300 horizontal support area for the sixth time (green icon).

Technical indicators are bearish. The MACD has given a bearish reversal signal, the RSI is below 50, and the Stochastic oscillator has made a bearish cross.

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The closest resistance is found at $40,550. This target is both the 0.382 Fib retracement resistance level and a horizontal resistance area. 

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has fallen by more than 3% today in a move to $1.33 trillion. The market cap has now returned to the range low support level. Bitcoin (BTC) has lost nearly 3% on the day and Ethereum (ETH) is down by more than 4%.

Nearly every single altcoin in the top-100 by market cap has lost value over the last 24 hours. NEM (XEM) is faring the best and is up by more than 13% in the past day.

Telcoin (TEL) is the day’s worst performer so far. TEL has lost 24.4% of its value today and is down a total of 37.3% in the past week. Axie Infinity (AXS) is also down by more than 20% after its meteoric run in the past few weeks. AXS Is still up by 88% in the past week, however.

In other crypto news

  • Cross-chain decentralized exchange (DEX) THORChain has been added to the lengthening list of exploited protocols as details emerge of a multi-million dollar hack.
  • Square will launch a bitcoin-focused decentralized finance (DeFi) platform, according to CEO Jack Dorsey. The platform is still in the very early stages of its development.

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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