What Changed in Crypto Markets While You Were Sleeping — May 31

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In Brief
  • Bitcoin managed to close the week in the green after two previous weekly bearish candles.

  • XDC is the biggest altcoin gainer of the day.

  • The first regulated cryptocurrency exchange in South Korea could emerge by Q3 2021.

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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

Last week, BTC stymied its downward trend. It created a small bullish candlestick with a bullish close. The bounce occurred right at the 0.5 Fib retracement support level at $34,350.

However, technical indicators are bearish. The MACD has given a bearish reversal signal, the RSI has fallen below 50, and the Stochastic oscillator has made a bearish cross (red icons).

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The most recent time all three of these occurred was in September 2019. Therefore, it’s possible that the current movement is similar to that of September 2019. Another similarity between these two movements is the bounce between the 0.5-0.618 Fib retracement support levels, further strengthening the comparison

Due to the sharpness of the correction, a type of bounce would be expected, at least in the short term.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap fell slightly to $1.45 trillion over the weekend but has since recovered some to $1.56 trillion at the time of press. Most cryptocurrencies in the top-50 are trading flat on the day, with the exception of XRP and Decred (DCR) which are both up 13%.

#99-ranked XinFin Network (XDC) has barely squeaked past to claim the biggest daily mover, however. XDC is trading up 13.64% on the day and 15% on the week.

BakeryToken (BAKE) is the days biggest loser thus far. It’s down 7% to trade at $3.92 over the last 24 hours and has nearly fallen out of the top-100 by market cap.

In other crypto news

  • In the wake of an increasing number of hacks and attacks on Binance Smart Chain (BSC) protocols, the community is calling for action.
  • Decentralized exchange (DEX) SushiSwap has made a move to the Layer 2 scaling platform Arbitrum in its latest effort to avoid Ethereum’s costly network fees.
  • South Korea has asked crypto exchanges to comply with new regulatory requests. Should the exchanges complete the process by June, the country’s first regulated exchange could launch near the beginning of Q3 2021.

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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