What Changed in Crypto Markets While You Were Sleeping — July 23

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In Brief
  • Bitcoin has reclaimed the $31,300 horizontal support area.

  • Axie Infinity (AXS) is up nearly 30% on the day.

  • THORChain suffered another multi-million dollar attack — the second in only a week.

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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

After the bullish engulfing candlestick on July 21, BTC increased slightly the next day, creating another small bullish candlestick.

It’s still holding on above the $31,300 horizontal support area, which has now been reclaimed.

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Technical indicators are showing bullish signs. The MACD has created two higher momentum bars but is still below 0, the RSI is increasing and is almost above 50, and the slope of the stochastic oscillator is gradually turning bullish, but there is no bullish cross in place yet.

The closest resistance area is the middle of the range at $35,900.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is slightly under $1.38 trillion today. Most cryptocurrencies in the top-100 are seeing slight gains on the day — bitcoin is up 1% while Ethereum has added on 2.2% in the past 24 hours.

Axie Infinity is once again the top gainer of the day. AXS is up by nearly 30% today, continuing the bullish trend that began near the $15 price point on July 20. AXS is currently trading for $30.75 and has moved into the #52 position.

THORChain (RUNE) is down by nearly 16% on the day in the aftermath of another multi-million dollar hack on the DeFi protocol — the second in a week. RUNE is now trading under $4 and is down by over 17% on the week.

In other crypto news

  • Cross-chain decentralized exchange (DEX) THORChain has been attacked for the third time this year and the second time within a week. The protocol stated that this time the figure lost was around $8 million and that the attack was carried out by a benevolent white-hat hacker that has requested a 10% bounty.
  • The U.S. Internal Revenue Service has amended a question related to crypto taxes on the 1040 form, making it clearer for taxpayers.

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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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