BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
The weekly BTC chart provides a bearish picture. Bitcoin appeared to have begun a bullish movement two weeks ago after creating a bullish hammer candlestick with a long lower wick. The bounce occurred right at the $32,500 long-term horizontal support area (green icon).
However, it created a bearish candlestick last week, engulfing the previous bullish candle and negating the bullish sentiment.
Despite still trading above support, technical indicators are bearish. The MACD histogram has crossed into negative territory, the RSI has fallen below 50, and the Stochastic oscillator has made a bearish cross.
If a breakdown occurs, the next support would be found at $27,000. This target is the 0.618 Fib retracement support level.
The total cryptocurrency market cap has tanked by more than 7% in the past 24 hours to a local low of $1.42 trillion. This is nearly a four-month low point — the last time the market cap was this low was on Feb. 28 when the market cap was just below $1.4 trillion.
Aside from stablecoins, nearly every cryptocurrency in the top-100 have lost value in the past day, Bitcoin (BTC) and Ethereum (ETH) are down by 15% and 19% respectively. The only altcoin in the top-100 that is in the green is Livepeer (LPT). Currently, the #100 ranked altcoin is up 2.6% on the day.
There are multiple altcoins that are experiencing double-digit percentage losses in the past 24 hours, but Stacks (STX) is down the most — 15.1% in the past day and 22% in the past week.
In other crypto news
- Malta has reportedly been singled out by the FATF for its lax oversight on cryptocurrency transactions, according to local media reports.
- A member of the European Central Bank (ECB) said in an interview that the digital euro is more capable of protecting privacy than private alternatives because it will not focus on the commercialization of data.
- The latest decentralized finance (DeFi) protocol to suffer at the hands of bad actors is vault management platform Visor Finance.