What Changed in Crypto Markets While You Were Sleeping — Aug 16

2021-8-16 12:42

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

Bitcoin update

Bitcoin closed its fourth straight bullish weekly candle and is now hovering above the $46,600 level. It kicked off the week by moving above $48,000 but has since pulled back slightly to $47,170 where it’s currently trading. This marks a 57% gain for BTC since hitting a local bottom of $29,700 on July 21 and is 35% under its all-time high daily close of $63,560.

The $51,000 level will likely be the next big hurdle for BTC to cross. This zone previously acted as support between February and May of this year before the price ultimately crashed through on May 15. If it’s able to reclaim this level, it may look to test the range high closes between $57,00 and $59,000.

The RSI is having trouble moving above 70 at the moment but looks to be building up a bullish divergence. On July 21, the RSI broke out above a descending resistance line that had been in place since it hit a local top of 89 on Jan 8, 2021.

BTC Chart by TradingView Altcoin movers

The total cryptocurrency market cap has moved up 4% on the day to the $2.09 trillion level. The market cap has been on a steady incline since hitting a local bottom of $1.23 trillion on July 21. This is the highest level recorded since it fell under $2.12 trillion on May 19 during the market crash at the time.

The majority of altcoins in the top-100 are seeing strong gains on the day. Solana (SOL) is the day’s biggest gainer thus far, up 37% in the past 24 hours. SOL is currently trading for $61.39, marking a new all-time high for the altcoin which has now moved into the top-10 by market cap.

SafeMoon (SAFEMOON) has almost fallen out of the top-100 today after a 16% loss. This has caused its market cap to dip below $1 billion and its token price is sitting at a four-month low of $0.00000163.

In other crypto news Walmart, one of the world’s largest retailers, is looking for a product lead for its digital currency and cryptocurrency division, according to a recent job posting. Since the Ethereum network was upgraded earlier this month, the average usage in terms of daily gas used has jumped by around 9%, and there are several reasons for this. Samsung will participate in South Korea’s CBDC pilot program, with the asset set for integration with its flagship Galaxy smartphones.

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