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What Changed in Crypto Markets While You Were Sleeping — July 21

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin (BTC) created a double bottom pattern near $29,200 and rebounded.
  • THORChain (RUNE) is up by 20% today.
  • Circle has released a transparency report detailing the backing of its USDC stablecoin supply.
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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 has been decreasing alongside a descending resistance line since June 29. It was last rejected by the line on July 12.

On July 20, it fell to a low of $29,200, creating a double bottom pattern relative to the June 22 low. Following this, it increased and reached a high of $30,900.

However, technical indicators are still bearish. While both the RSI and MACD have shown bullish reversal signs, the former is below 50 while the latter is below 0. 

BTC has to break out from the descending resistance line in order to confirm a reversal.

BTC trading range
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has returned to the $1.3 trillion level after falling to a five-month low of $1.24 trillion yesterday. Nearly every asset in the top-100 is in the green in the past day, but many have still lost double-digit percentages in the past week.

THORChain (RUNE) is today’s best performer so far. RUNE has gained back 20% today after falling to a local low of $3.70 yesterday. This was the lowest price point for RUNE since early February.

Yesterday’s top gainer, LEO Token (LEO), has turned into today’s biggest loser. LEO is now down 4% on the day but is still up 4.5% on the week.

In other crypto news

  • Circle has published a transparency report for its USDC stablecoin, disclosing that most of the $22.2 billion supply is backed by cash and cash equivalents.
  • Decentralized finance (DeFi) lending pioneer MakerDAO has taken the final steps to dissolve its foundation on the path to fully decentralized governance.
  • The Sacramento Kings of the National Basketball Association (NBA) has announced its first non-fungible token (NFT) collection for the franchise.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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