Discover a recap of events in the crypto world over the last 24 hours.
Bitcoin started last week on a decline; it declined to less than $29,300. But in the last 30 hours, it rose sharply, reaching almost $36,000 before dropping a few hundred dollars to close at $35,400 yesterday night. This price action led to the formation of a bullish candlestick. Bitcoin continues to trade over the 0.619 Fibonacci retracement, which is around the $27,100 support range.
However, the 7-day time charts from all the technical indicators agree that the bitcoin market is still bearish. There is a bearish cross on the stochastic oscillator, the relative strength index (RSI) is less than five, and the moving average convergence divergence (MACD) keeps declining and remains negative. Hence, a bearish long-term trend remains a possibility.
BTC/USD chart. Source: Tradingview and Beincrypto
General Crypto Market Update
After a renewed rise in prices of almost all virtual assets, the crypto market cap rose to about $1.59 trillion today. Thus, representing a 1-month peak rise. This contrasts its five-month low of almost $1.26 trillion of July 21st, 2021.
Some altcoin prices are already on the rise following bitcoin’s gains. Ethereum re-attained its $2,400 range after a 9% increase. The highest gainer within the last 24 hours was AMP. It rose by 36%, and its entire gain for the week now stands at 51%.
Sadly, some altcoins still declined. $flow was the biggest loser as it fell by almost 9.5% in the last 24 hours. The good news is that $flow’s overall increase for the week is still around 21%. Hence, this decline might be a temporary correction.
Other Crypto Updates
Crypto market cap rises by over $170 billion. The entire crypto market cap rose by over 12% today as the market’s bullish run continues. CoinGecko reports that this increase represents the market’s multi-week peak. Apart from token price increases, the value of total volume locked in most decentralized finance (DeFi) protocols also increased. The value is now almost $100 billion after an 8% rise over the weekend and a 23% rise in the last seven days.
44% of Singaporeans own cryptocurrency. An Australian exchange independent reserve survey has revealed that about 44% of Singaporeans own one form of cryptocurrency or another. The survey also showed that about 94% of all Singaporeans have cryptocurrency knowledge, and the most popular cryptocurrencies in decreasing popularity are Bitcoin, Ethereum, and Litecoin. Most crypto holders are between the ages of 25 and 44, which aligns with the global trend. Also, 77% of the respondents within this age group are convinced that all businesses would sooner or later allow cryptocurrency transactions.
Yearn finance founder introduces a concept for forex on DeFi. Andre Cronje, yearn finance founder, is pioneering a fixed forex system that allows the conversion of any currency to the end user’s local currency without end-users being involved in any of the processes or even being knowledgeable about it. Cronje’s fixed forex is a general term for any forex pair under the fixed forex moniker such as EUR, USD, JPY, and CAD.