BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC increased significantly on July 21. After falling to a low of $29,278, it began a rapid upward move that led to a high of $32,858.
This created a bullish engulfing candlestick. In addition, it reclaimed the $31,300 horizontal support area that previously had been in place since May 19. This is a bullish development since the area is now expected to act as support again.
However, technical indicators have not turned bullish yet.
The range high is found at $40,550.
The total cryptocurrency market cap has recovered 5% to $1.36 trillion after dipping to a five-month low of $1.29 trillion on July 21. This surge has been largely due to positive price moves in bitcoin and Ethereum, up 5% and 7.5% respectively.
Axie Infinity (AXS) has rebounded by over 35% on the day, returning to a price point of $24.16. While AXS briefly reached an all-time high of $29.58 on July 15, its highest daily close is slightly over $24.
Today’s biggest loser so far is LEO Token (LEO). LEO has lost more than 9% in value over the past 24 hours and is now down 6% on the week. Apart from stablecoins, LEO is the only altcoin in the top-100 by market cap that is down on the day.
In other crypto news
- Ethereum developers have been working hard to iron out any issues with code and clients on the testnets for the next major upgrade for the network.
- Tether General Counsel Stuart Hoegner said that an audit of Tether’s reserves could be released in a few month’s time.
- Ethereum co-founder Vitalik Buterin has stated that the network needs to expand beyond its current state, urging the community to help it grow.