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

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In Brief
  • Bitcoin bounced back to the $40,000 this morning before hitting resistance,

  • Ethereum Classic (ETC) is up by more than 40% on the day.

  • Da Vinci capital is suing Telegram over refund disputes surround its GRAM token sale.

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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

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.

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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.

BTC Chart by TradingView

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.
  • 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.

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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