Cryptocurrency Roundtable

[JohnCM]

What Changed in Crypto Markets While You Were Sleeping — July 2

By Kyle Baird
2 July 2021
beincrypto

Bitcoin (BTC) has continued to slip back to range lows.

XDC Network is up more than 10% on the day.

Robinhood has stated that more than 1/3 of its Q1 revenue came from Dogecoin trading.

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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.

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Bitcoin update

Bitcoin had been moving upwards since June 22. At the time, it had reached a low of $28,805. The ensuing bounce caused it to reclaim the $31,400 horizontal support area.

On June 29, BTC reached a high of $36,600 before falling sharply. It’s currently trading near $32,800.

Technical indicators in the daily time frame are bearish. The MACD is close to giving a bearish reversal signal (red icon) and its signal line is below 50. The RSI is below 50 and decreasing while the Stochastic oscillator has made a bearish cross.

The main resistance area is found at $40,550. This target is a horizontal resistance level and the 0.382 Fib retracement level.

Altcoin movers

The total cryptocurrency market cap has dipped back to $1.4 trillion today. It’s now closer to the range lows of $1.33 trillion after briefly touching a local high of $1.75 trillion on June 15. Most cryptocurrencies in the top-100 are down slightly over the past 24 hours.

The only altcoin in the top-100 that has gained more than 10% in the past day is XDC Network (XDC). It’s up by more than 13% on the day and has gained a whopping 60% in the past week.

On the other hand, Bitcoin Cash ABC (BCHA) is down almost 10% in the past 24 hours. It has nearly slipped out of the top-100 and is currently sitting at the #96 position.

In other crypto news

Popular millennial trading app Robinhood is claiming that over a third of its revenue for the first three months of 2021 has come from Dogecoin.

The South Korean Bithumb exchange has implemented a new policy that prevents employees from investing in or trading cryptocurrencies using Bithumb accounts.

Ukraine has passed a new law that would put its central bank digital currency (CBDC) on the same level as other payment instruments in the country.