What Changed in Crypto Markets While You Were Sleeping — May 24

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Bitcoin update

Last week, BTC created another bearish candlestick. The decrease took it to the $30,000 support area that was created in January 2021. 

The price has recovered slightly since and is attempting to reclaim the $34,300 area. This is the 0.5 Fib retracement level of the entire previous upward movement. It has yet to reach a close below this level amid the current correction. 

However, technical indicators are decisively bearish. The RSI has crossed below 50 while the Stochastic oscillator has made a bearish cross. Furthermore, the MACD is close to turning negative.

BTC Weekly Movement

Altcoin movers

Between May 13 and May 24, the total crypto market cap fell from an all-time high of $2.55 trillion to a local low of $1.28 trillion. Amid some slight recovery, the market cap has bounced back to $1.52 trillion at the time of press.

Binance Coin (BNB) has dropped back some, falling to fifth place behind Cardano (ADA). USD Coin (USDC) has also found its way into the top-10 as its market cap grew to $14.3 billion.

While most cryptocurrencies in the top-100 are in the green today, none are doing better than Maker (MKR). At the time of press, MKR is up 46% on the day and trading for $3,500. Polygon (MATIC) is hot on its heels, however, seeing a 43% gain. Only a handful of altcoins are still struggling today. Revain (REV) is seeing the worst. REV is down a further 11% on the day making for a total 59% loss in the past week.

In other crypto news

  • Flash loan attacks on decentralized finance (DeFi) protocols have come thick and fast over the past few months. The latest to fall victim is Bogged Finance.
  • BTC.TOP and HashCow announced the suspension of their businesses in China. BTC.Top cited regulatory risks, while crypto miner HashCow said it would halt buying new Bitcoin rigs.
  • South Korea’s central bank is planning to conduct a mock test on the functionality of a central bank digital currency (CBDC).

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