BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC began the week of July 19-25 by decreasing, falling to a low of $29,278. However, a sharp upward movement followed and it managed to reach a high of $35,398 and a close of $35,381. This created a bullish engulfing candlestick.
BTC is still trading above the 0.618 Fib retracement support level of $27,050.
Despite this, technical indicators in the weekly time frame are still bearish. The MACD is negative and is falling, the RSI has decreased below 5, and the Stochastic oscillator has made a bearish cross.
Therefore, it’s likely that the long-term trend is still bearish.
Altcoin movers
The total cryptocurrency market cap has ballooned back to $1.57 trillion today following a resurgence in asset prices across the board. This is the highest the market cap has climbed in over a month. On July 21, the market cap reached a five-month low of $1.25 trillion.
Bitcoin has gained 11% on the day, moving back above the $38,000 price point. Ethereum has followed suit with an 8% gain on the day to reclaim the $2,300 level. However, Amp (AMP) has been the biggest gainer of the day. AMP is up 35% in the past 24 hours and has gained more than 50% in a week.
Despite the pump, a handful of altcoins are still bleeding. Flow (FLOW) has lost more than 9% on the day and has slipped into the #84 position. This might just be a short-term retracement, as FLOW is still up 20% in the past week.
In other crypto news
Crypto markets are experiencing a refreshing morning pump as more than $170 billion flows back into the total market capitalization.
The Independent Reserve’s Cryptocurrency Index for Singapore reveals that the country’s citizens are enthusiastic about the crypto market, with 43% owning some.
Andre Cronje, the founder of the Yearn decentralized finance (DeFi) aggregator, has introduced a new concept for bringing foreign exchange mechanisms to the sector.
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