What Changed in Crypto Markets While You Were Sleeping — Aug 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 has created three consecutive bullish candlesticks in the weekly time frame and is in the process of creating a fourth.

The upward move began after the price bounced at the $29,000 horizontal support area on July 21. 

Currently, BTC is trading under the 0.5 Fib retracement resistance level at $46,950. 

Technical indicators are showing some bullish signs, but not enough to confirm a bullish reversal. While the MACD has given a bullish reversal signal and the RSI has just crossed above 50, the Stochastic oscillator is still bearish.

Altcoin movers

The total cryptocurrency market cap has jumped by more than 5% on the day to reach a local high of $1.92 trillion. This level has not been reached since the market cap initially fell below $2 trillion on May 20. In the past 24 hours, bitcoin and Ethereum have added 5.3% and 7% in value respectively.

Many altcoins have pumped by double-digit percentages following this positive price action. Ravencoin (RVN) is the top performer so far of the day, adding a whopping 40%. This has caused RVN to spike a total of 103% in the past week, also making it the top performer of the past seven days.

There are only four altcoins that have dropped in value in the past 24 hours aside from stablecoins. Bitcoin Cash ABC (BCHA) is down the most, however, dropping 2% in value on the day. BCHA is currently trading for $58.25 and has fallen to the #87 position in the market cap rankings.

In other crypto news

• It has now been almost a week since the Ethereum London upgrade launched and over 20,000 ETH have been destroyed, giving analysts an estimation of a yearly burn rate.

• Cinema-goers will soon be able to pay with bitcoin at AMC theaters in the United States according to an announcement on Aug 9.

• The U.S. SEC has requested that Ripple submit more information related to messages in its Slack history, which it believes is unique, critical evidence.