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What Changed in Crypto Markets While You Were Sleeping — July 8

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin is back to trading in its previous range near $32,000.
  • FLOW is up by 18% in the past 24 hours.
  • Argentina has proposed a bill that could allow salaries to be paid in cryptocurrency.
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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 made another attempt at moving upwards on July 8 but created another long upper wick. It has fallen slightly since, so far reaching a low of $32,530.

It has been trading relatively close to this level since June 21. 

Technical indicators are undecided. The RSI is at the 50-line and the Stochastic oscillator is undecided between making a bullish or bearish cross. Similarly, the MACD has lost its strength but is still positive.

BTC is still trading inside the same range between $31,300 and $40,550. The latter target is the 0.382 Fib retracement resistance level.

BTC Movement
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is down nearly 7% today after making some headwinds earlier this week. Since June 22, the market cap has been moving in a tight range between $1.3 trillion and $1.5 trillion. It’s currently sitting near the middle of this range at $1.42 trillion.

Only a handful of altcoins in the top-100 are experiencing gains on the day. Among these, Flow (FLOW) is performing the best, adding more than 18% in value in the past 24 hours. FLOW is also one of the top gainers of the week, up nearly 60%.

On the other side of the spectrum, KuCoin Token (KCS) has lost more than 21% today. However, despite the pullback, KCS is one of the top performers in the past week, adding nearly 52% in value.

In other crypto news

  • Argentina’s National Deputy for Mendoza, José Luis Ramón, has announced a new bill that would see employees in certain sectors receive salaries in cryptocurrency.
  • The Reserve Bank of New Zealand has begun a consultation for revamping its cash and currency system, and this includes reviewing a potential central bank digital currency (CBDC).
  • The crypto division of Robinhood expects to pay a minimum of $10 million to New York regulators for alleged violations relating to cybersecurity and anti-money laundering.
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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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