What Changed in Crypto Markets While You Were Sleeping — June 22

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In Brief
  • Bitcoin (BTC) has fallen to the range lows near the $31,000 price point.

  • Pirate Chain (ARRR) has gained nearly 37% on the day.

  • Bybit is under fire for allegedly violating Canadian securities laws.

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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

BTC has been decreasing since June 15, when it was rejected by the $41,150 resistance area.

Yesterday, it created a significant bearish candlestick and fell all the way to a low of $31,163. This potentially validated an ascending support line for the third time. 

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BTC has to bounce at this level in order to confirm the validity of the line.

Despite the potential bounce, technical indicators are bearish. The MACD histogram is nearly negative while the signal line is below 0. The RSI & Stochastic oscillator are both decreasing, the former being below 50.

However, there is some bullish divergence in place, which could cause a short-term bounce. Regardless, it does seem that the longer-term trend is bearish. 

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has taken a beating again today. It’s down another 6,6% in a fall to $1.32 trillion. This is the lowest the total market cap has been since early-February of this year. Bitcoin has suffered a loss of 3.6% while Ethereum is down nearly 7% over the past 24 hours.

The only non-stablecoin altcoin that is in the green today is an obscure token called Pirate Chain (ARRR). The token is up by nearly 37% today, moving into the #80 position and is trading for $4.16.

Dogecoin (DOGE) is today’s biggest loser. At the time of press, DOGE was back to trading below $0.19 and is down by 75% since reaching an all-time high of almost $0.74 on May 8.

In other crypto news

  • The Ontario Securities Commission (OSC) has alleged that Bybit has violated securities laws, adding to the list of crypto exchanges that it’s investigating.
  • The Polywhale decentralized finance (DeFi) protocol has been shut down with the team selling off their tokens in what appears to be the latest rug pull.
  • According to the Impossible Finance development team on June 21, there was a flash loan attack on the platform’s liquidity pool that resulted in a loss of around 230 ETH.

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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