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What Changed in Crypto Markets While You Were Sleeping — June 18

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·2 min read
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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

Bitcoin reached a high of $41,330 on June 15 and has been decreasing since. The high was made inside a crucial resistance area made up of the $41,250 horizontal area and the 0.382 Fib retracement resistance level. Bitcoin has not reached a close above this level since falling below it on May 19.

A breakout above this level could trigger a sharp increase.

However, despite the rejection, technical indicators are still bullish. The MACD histogram is positive and increasing and the RSI is increasing towards the 50-line. In addition to this, the Stochastic oscillator has been moving upwards after making a bullish cross.

A breakout above this level could likely take BTC towards $44,755, which is the 0.5 Fib retracement resistance level.

BTC Daily movement

Altcoin movers

The total cryptocurrency market cap is down another 3% today to $1.63 trillion. Despite the positive moves seen earlier in the week, the market cap has remained stuck under the range high of $1.77 trillion made on June 3.

Despite a handful of altcoins experiencing gains today, nearly every cryptocurrency is in the red. Bitcoin (BTC) and Ethereum (ETH) have both fallen 3.5% in the past 24 hours. XDC Network (XDC) is today’s top gainer, moving up 21% on the day and entering the top-100 by market cap. The token is now up a total of just under 50% on the week.

Amp (AMP) has been the daily altcoin gainer multiple times in the past week, but today it’s down by over 26% to trade at $0.087. On June 16, AMP hit an all-time high of $0.12. Despite the pullback, AMP is still up by 23% in the past seven days.

In other crypto news

  • The latest decentralized finance (DeFi) protocol to suffer a collapse in token value is Iron Finance. The team posted a post mortem explanation of what happened, describing it as a “DeFi bank run.“

  • Kraken CEO Jesse Powell, speaking to Bloomberg, said that the exchange is preparing to go public within the next 12 to 18 months.

  • Texas has become a popular destination for the flood of crypto miners who are fleeing China in the wake of increased regulations from government officials.