BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC has been trading inside a range between $31,300 and $40,550 since May 19. It’s currently in the lower portion of this range.
On July 12, BTC created a bearish engulfing candlestick and fell to a low of $32,658. However, it has bounced back to the $33,000 level since.
Technical indicators are leaning bearish. The Stochastic oscillator is close to making a bearish cross and the RSI is below 50. In addition, the MACD has created one lower momentum bar. Another bearish close with another lower momentum bar would give a bearish reversal signal in the MACD.
The total cryptocurrency market cap has dropped by nearly 4% on the day and is currently sitting slightly above $1.41 trillion. This continues the mostly sideways trend that the market cap has been following. Since June 26, the market cap has been stuck in the range of $1.3 trillion and $1.5 trillion.
As expected, nearly every cryptocurrency in the top-100 by market cap has lost a few percent in value over the past 24 hours. Axie Infinity (AXS), however, is up by over 18% and is the best performer of the day by far. AXS has been on fire recently and is also the biggest mover of the past week, up by a whopping 162%.
On the other end of the spectrum, KuCoin Token (KCS) is the biggest loser of the day. After recently climbing to a local high of $14.46 on July 7, KCS has retraced back to the $12.65 level. KCS is down by nearly 12% in the past 24 hours but is still up by more than 36% in the past week.
In other crypto news
The amount of collateral locked across various decentralized finance (DeFi) protocols has rebounded over the past two weeks or so, suggesting the sellers are running out of steam.
A report from CryptoCompare shows that crypto derivatives volumes have exceeded that of spot volumes for the first time in this year, as the market undergoes a recovery phase.
SelfWealth, a popular broker in Australia, will add up to ten prominent cryptocurrencies to its platform, following crypto trading interest from its customer base.
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