What Changed in Crypto Markets While You Were Sleeping — June 18

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In Brief
  • Bitcoin has continued to drop following a rejection from range resistance.

  • XDC Network (XDC) is up 21% on the day.

  • Iron Finance released detail on the collapse of its TITAN token.

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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 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. 

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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.

BTC Chart By TradingView

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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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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