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What Changed in Crypto Markets While You Were Sleeping — May 13

2 mins
Updated by Kyle Baird
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In Brief

  • BTC fell from a high of $58,000 all the way to a low of $48,600.
  • NANO is up 57% despite the market rout.
  • Elon Musk put a pause on accepting BTC payments for Tesla products.
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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.

Bitcoin update

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.

BTC Movement
BTC Chart By TradingView

Altcoin movers

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.
  • The Hungarian government has announced a cut on tax for all cryptocurrency earnings, starting next year.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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