What Changed in Crypto Markets While You Were Sleeping — May 6

What Changed in Crypto Markets While You Were Sleeping — May 6
фото показано с : beincrypto.com

2021-5-6 11:10

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

BTC bounced considerably on May 5 after reaching the $53,000 support area. It created a bullish engulfing candlestick, negating the bearish implications from the previous day’s decrease. This is a sign that the trend is still bullish and the price is likely to continue heading upwards.

Technical indicators are also bullish. This is especially evident by the growing bullish cross in the Stochastic oscillator (green arrow).

In addition, the MACD is moving upwards and is positive, and the RSI has just crossed above 50.

Therefore, the daily time-frame indicates that the current BTC trend is bullish.

BTC Chart By TradingView Altcoin movers

Most assets in the top-100 cryptocurrencies by market cap are seeing green today amid a broader market pump. Uniswap Token (UNI) has fallen out of the top-10 today after a 6% loss. Bitcoin Cash (BCH) has moved into the #9 spot in a 22% gain in price to $1,318.

Telcoin (TEL) is the biggest altcoin mover in both the past 24 hours and the past week. TEL is trading up 94% today, moving it up to the #61 rank. TEL is up a total of 534% in the past seven days and is currently trading for $0.044.

BakeryToken (BAKE) is the biggest loser so far today. Its price is down by more than 10% and very close to falling out of the top-100 rankings.

In other crypto news The highly-anticipated version 3 Uniswap upgrade may have fallen flat on its first day. Traders have been reporting high fees and technical difficulties using the platform. Coinbase announced that it will close its San Francisco HQ and move to a telecommute model. Additionally, it released a transparency report for the second half of 2020. Ethereum and bitcoin posted record-setting inflows last week. Further analytics from a recent CoinShares report shows investors dumped more money into crypto last week than any week since February. 

The post What Changed in Crypto Markets While You Were Sleeping — May 6 appeared first on BeInCrypto.

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Key Takeaways Cathie Wood says that institutions may take step back from crypto She believes that they will allocate more to Bitcoin and Ether once they take time to study the crypto space I believe she may be too optimistic, that the crypto industry has taken a battering and it may take longer to recover […] The post Even Cathie Wood admits institutional adoption of crypto will fall off appeared first on CoinJournal.

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Russian Government Set to Impose Fines and Imprisonment for Illegal Crypto Activities

The crypto landscape in Russia may soon be facing harsh laws as authorities have proposed new draft bills that seek to fine and imprison the illegal use of cryptocurrencies in the country.   Crypto Violations Attract $28,000 Fine and 7 Years Imprisonment According to a report by the local news outlet RBC on Thursday (May 21,Read MoreRead More.

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Is Bitmain Losing Its Edge in the Crypto Mining Game? These Analysts Think So

According to analysts, the largest producer of Bitcoin mining equipment may be losing its position at the top of the industry. Bitmain Threatened on Multiple Fronts Despite moving to launch an initial public offering (IPO), competition, dubious speculation on certain digital assets, and lessening demand for hardware are undermining Bitmain’s dominance.

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eToro Seal Huge Premier League Football Advertising Deal

eToro, the FOREX platform come crypto trading platform have signed a huge advertising deal that will see the platform sponsor seven of England and Wales’ Premier League football teams. This is important for cryptocurrency adoption as it is set to expose a number of people to the idea of cryptocurrency and Bitcoin and may of course encourage some new investment, through the eToro platform.

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