What Changed in Crypto Markets While You Were Sleeping — May 18

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In Brief
  • Bitcoin has bounced at the support line of a descending channel.

  • Polygon (MATIC) is up a whopping 33% on the day.

  • FinNexus lost $7.6 million in a DeFi exploit.

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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 moving downwards at an accelerated pace since May 10. The decrease has taken the price all the way down to a local low of $42,000 on May 17. 

The low was made right at the support line of a descending channel that has been in place since the April 14 all-time high. Parallel channels are often corrective movements, so an eventual breakout is likely.

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The MACD, RSI, and Stochastic oscillator are all decreasing. However, all three have generated bullish divergences, a strong sign that the price is likely to head higher.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap briefly fell below $2 trillion for the first time since the end of April. In the past few hours it’s bounced back to $2.11 trillion but the prospects for recovery are still ambiguous.

Litecoin is recovering quicker than most cryptocurrencies in the top-10 and is just over $500 million from reclaiming the #10 position from Bitcoin Cash (BCH). Polygon (MATIC) is today’s biggest gainer so far. The token #17-ranked token is up by more than 33% on the day and 150% in the past week.

iFinex’s UNUS SED LEO token is the day’s biggest loser. It’s the only asset in the top-100 down by double-digit percentages this morning, losing nearly 18%. It’s dropped back to the #49 position and is trading for $3.17.

In other crypto news

  • Reports are emerging that FinNexus is the latest victim of a decentralized finance (DeFi) exploit, losing $7.6 million in tokens.
  • Fitch Ratings asserts that central bank digital currencies (CBDCs) could disrupt financial systems as a result of disintermediation and cybersecurity threats.

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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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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