What Changed in Crypto Markets While You Were Sleeping — July 20

By July 20, 2021DeFi
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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 had been trading inside a range between $30,300 and $40,550 since May 19. While it had fallen below the support area a few times, it did not reach a daily close below it.

On July 19, it fell below the area once more and proceeded to reach a close of $30,839, which is the lowest since January.

Even though there are multiple unconfirmed bullish divergences, technical indicators are bearish. The RSI and MACD are falling, and the Stochastic oscillator has made a bearish cross and is also moving downwards.

However, trading volumes on the breakdown have been low.

BTC Chart By TradingView

Altcoin movers

The total crypto market cap has sunk by more than 7% on the day to reach a five-month low of $1.23 trillion. Bitcoin has lost more than 5% in value over the past 24 hours while Ethereum has fallen by 7%. Many altcoins have lost double-digit percentages in the past day.

Only LEO Token (LEO) and Dash (DASH) have made gains today. LEO is up by 8.3% and is currently trading at the $3.20 price point. DASH is up by nearly 5% but is still down by 6% on the week.

THORChain (RUNE) and Mdex (MDX) are currently tied for the biggest altcoin losers. Both are down by 20% in the past 24 hours, however, RUNE has now lost almost 50% of its value since last week.

In other crypto news

  • A trio of Republican senators penned a letter to the United States Olympic & Paralympic Committee (USOPC) expressing concerns about China using its digital yuan as a way to spy on Team USA.
  • Lawyers representing Ripple Labs have sent a letter to the judge presiding over its lawsuit with the SEC, pointing to remarks made by two SEC Commissioners’ in another case.
  • The Polygon-based yield farming protocol PolyBunny has detailed the latest exploit in the decentralized finance (DeFi) sector, promising compensation for the victims.

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