What Changed in Crypto Markets While You Were Sleeping — June 29

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In Brief
  • Bitcoin is trading at $35,200, directly under a descending resistance line.

  • Compound (COMP) is up by over 22% on the day.

  • Finance authorities in Mexico have stated that cryptocurrencies cannot be used within its financial systems.

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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 is currently trading for $35,220 and is up 11.5% from the $31,500 support. At the moment BTC is directly under a descending resistance line that has been in place since the price of BTC plummeted from the $59,000 level on May 10.

If BTC is unable to move and close above $37,000 in the next few days, it could drop even further to test lower support levels near $26,500.

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The RSI has continued trending up and is just below the 50-value threshold. In order to confirm a short-term bullish trend, the RSI would likely need to break above 50 and maintain that level. The next resistance is found at the range highs near $40,500.

Bitcoin Chart by TradingView

Altcoin movers

The total cryptocurrency market cap has grown another 3% on the day and is just shy of the $1.5 trillion mark. Since falling from an all-time high of $2.55 trillion on May 12, the total market cap has mostly moved in a range between $1.83 trillion and $1.32 trillion.

Nearly every cryptocurrency in the top-100 by market cap has grown in value over the past 24 hours. Compound (COMP) is the biggest gainer of the day so far, up 22.4% in the past 24 hours and 45% in the past week. Elrond (EGLD), Ethereum Classic (ETC), and Bitcoin SV (BSV) are all nipping on its heels, however. Each of these honorable mentions are also up by more than 20% on the day.

Quant (QNT) is today’s biggest altcoin loser. QNT is currently trading for $76.64, down 7.5% on the day. Despite this, QNT is still up by over 32% in the past week.

In other crypto news

  • Mexico’s central bank and other financial authorities have said that cryptocurrencies can’t be used within the financial system, as per a document published recently.
  • Coinbase CEO Brian Armstrong spoke about the exchange’s listing process on Twitter, saying that he wanted to add as many cryptocurrencies as possible, provided they meet the standards.
  • A recent analysis by Barracuda Networks shows the rise of bitcoin-centered cyber attacks. In the space of six months attacks targeting victims’ bitcoin surged by 192%. 

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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