BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
Bitcoin reached a high of $41,330 on June 15 and has been decreasing since. The high was made inside a crucial resistance area made up of the $41,250 horizontal area and the 0.382 Fib retracement resistance level. Bitcoin has not reached a close above this level since falling below it on May 19.
A breakout above this level could trigger a sharp increase.
However, despite the rejection, technical indicators are still bullish. The MACD histogram is positive and increasing and the RSI is increasing towards the 50-line. In addition to this, the Stochastic oscillator has been moving upwards after making a bullish cross.
A breakout above this level could likely take BTC towards $44,755, which is the 0.5 Fib retracement resistance level.
Altcoin movers
The total cryptocurrency market cap is down another 3% today to $1.63 trillion. Despite the positive moves seen earlier in the week, the market cap has remained stuck under the range high of $1.77 trillion made on June 3.
Despite a handful of altcoins experiencing gains today, nearly every cryptocurrency is in the red. Bitcoin (BTC) and Ethereum (ETH) have both fallen 3.5% in the past 24 hours. XDC Network (XDC) is today’s top gainer, moving up 21% on the day and entering the top-100 by market cap. The token is now up a total of just under 50% on the week.
Amp (AMP) has been the daily altcoin gainer multiple times in the past week, but today it’s down by over 26% to trade at $0.087. On June 16, AMP hit an all-time high of $0.12. Despite the pullback, AMP is still up by 23% in the past seven days.
In other crypto news
- The latest decentralized finance (DeFi) protocol to suffer a collapse in token value is Iron Finance. The team posted a post mortem explanation of what happened, describing it as a “DeFi bank run.“
- Kraken CEO Jesse Powell, speaking to Bloomberg, said that the exchange is preparing to go public within the next 12 to 18 months.
- Texas has become a popular destination for the flood of crypto miners who are fleeing China in the wake of increased regulations from government officials.
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