BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC decreased considerably yesterday, falling from a high of $58,000 all the way to a low of $48,600. The decrease continued in the early hours of the morning until a low of $46,000 was reached. The $48,000 support area has been in place since the beginning of March 2021.
However, BTC has rebounded to a high of $51,247 and is in the process of creating a bullish hammer candlestick.
Despite the drop, technical indicators can still be considered bullish. Even though the RSI has crossed below 50, the MACD is still positive. If it were to cross into negative territory, it would be the first time it has done so since October 2020.
The entire cryptocurrency market has suffered a 10% loss in total market cap. After hitting an all-time high of over $2.53 trillion on on May 12, the market cap fell to a local low of $2.26 trillion.
Nearly every cryptocurrency in the top-100 is down in the past 24 hours as a result. However, NANO is up a whopping 57% on the day to trade at $13.89. Other assets like SNX, KSM, and CRV are also enjoying 10%-14% gains.
SHIBA INU (SHIB) is seeing the biggest losses in the past day. It’s currently down by 40%, but this is a drop in the bucket when considering the token is still up by over 1,000% in the past 30 days.
In other crypto news
- Elon Musk revealed on Twitter that Tesla would pause accepting bitcoin as payment for its product as a consequence of its high energy consumption.
- Facebook’s stablecoin entity, the Diem Association, is relocating from Switzerland to the U.S., buoyed by the evolving regulatory landscape of the country.
- The Hungarian government has announced a cut on tax for all cryptocurrency earnings, starting next year.