What Changed in Crypto Markets While You Were Sleeping — July 9

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In Brief
  • Bitcoin (BTC) technical inidicators remain undecided.

  • TitanSwap (TITAN) is up 22% on the day.

  • China is looking to the Beijing Winter Olympics 2022 to be the next major phase in its CBDC trials.

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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

Bitcoin decreased considerably on July 8, reaching a low of $32,077 in the process. However, it bounced back and created a relatively long lower wick.

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

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The long-term range since May 19 is still in place. The support and resistance levels are found at $31,300 and $40,550, respectively. The latter is the 0.382 Fib retracement resistance level.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has remained flat on the day and is currently sitting at $1.42 trillion. Within a local range, the market cap has been unable to move above the range high of $1.84 trillion that was reached on May 21 and again on June 4.

The altcoins in the top-100 are seeing mostly red today. Despite this, there are a handful of altcoins that are have gained double-digit percentages. TitanSwap (TITAN) is up nearly 22% on the day and a massive 82.5% in the past week. 0x (ZRX) is also back to trading at $0.83 in a 14.3% gain on the day.

#98-ranked Flow (FLOW) is the biggest loser so far today. FLOW lost 19% on the day and has nearly dropped out of the top-100 rankings. FLOW is now retracings after hitting a local high of $16 on July 8.

In other crypto news

  • China’s central bank deputy governor has said that its central bank digital currency (CBDC) trial now involves 10 million people. Its next major phase will include tests at the Beijing Winter Olympics in 2022.
  • U.S. Senator Elizabeth Warren, who chairs the Senate Banking Committee’s Subcommittee on Economic Policy, asked the SEC to respond to concerns regarding crypto regulations by July 28.
  • The embattled decentralized finance (DeFi) protocol Iron Finance is preparing for a relaunch with a new token following the collapse of its old one last month.

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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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