What Changed in Crypto Markets While You Were Sleeping — May 25

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

After reaching a local low of $30,000 on May 19, BTC bounced considerably. It created a higher low on May 23 and followed it up with a bullish engulfing candlestick the next day.

So far, it has reached a high of $39,791. This is very close to the 0.382 Fib retracement resistance found at $41,201. The next resistance would likely be found at $48,170.

Technical indicators are showing bullish signs. While the Stochastic oscillator is still bearish, the RSI has generated a bullish divergence and crossed above 30. 

In addition, the MACD has created the first higher momentum bar, potentially signaling a bullish reversal.

Altcoin movers

The total cryptocurrency market cap is back to $1.64 trillion after hitting a local bottom of $1.29 trillion yesterday. Nearly all cryptocurrencies in the top-100 are in the green today amid recovery in BTC and ETH prices.

Ethereum Classic (ETC) has bounced back the strongest. It’s back to trading above $77 in a 40% daily recovery. Holo (HOT) and Yearn Finance (YFI) have also made notable recoveries, both are trading up by more than 30% on the day.

Mdex (MDX) is today’s biggest loser. It’s seen 14% loss in the past 24 hours and is down by more than 20% in the past week.

In other crypto news

• One River has filed for a carbon-neutral bitcoin ETF that makes up for the emissions from mining the blockchain with the use of carbon credits.

• Russian private equity fund Da Vinci Capital is suing messaging app Telegram for issues related to refund of investments in the Telegram Open Network (TON).

• The decentralized finance (DeFi) synthetic derivatives Opium Finance protocol has entered into a partnership with Universal Market Access contracts platform UMA. The aim is to launch decentralized SpaceX insurance using UMA’s Optimistic Oracle.