What Changed in Crypto Markets While You Were Sleeping — June 28

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

Bitcoin update

Bitcoin (BTC) climbed back above $35,000 on June 28 after making a double bottom at $31,500 on June 25. Despite the increase, BTC is still 44% down from it’s highest ever daily close of $63,689 on April 13.

BTC is trading under a descending resistance line drawn from May 10 when the price began to crash. Unless the price is able to move above and close over this line, the trend is likely to continue to be bearish. If it manages to continue moving upwards, there is a strong horizontal resistance level between $41,000 and $43,000.

At the time of press, the RSI is at 47 and is facing resistance at 53. If BTC fails to break out from resistance, there’s a good chance that it will test lower support levels, possibly near $27,000.

Altcoin movers

The total cryptocurrency market cap is up 6.5% on the day to $1.44 trillion. Since crashing from an all-time high of $2.3 trillion on May 12, the market cap has mostly been moving in a range between $1.75 trillion and $1.33 trillion. Nearly every cryptocurrency in the top-100 by market cap is up in value over the past 24 hours.

Internet Computer (ICP) is the biggest altcoin gainer of the day so far, up a massive 41% to retake the $44 level. When ICP hit the markets in early-May, the price shot to $475 before sliding to a low of $28 on June 26.

Apart from the Liquidity USD (LUSD) stablecoin, NEO and Quant (QNT) are the only cryptocurrencies in the top-100 that are seeing losses on the day. QNT is down 1.2% in the past 24 hours but has still gained 13.5% in the past week.

In other crypto news

• Another decentralized finance protocol (DeFi) appears to have been exploited on Polygon, expanding the list of platforms losing funds. According to the contract address on the Polygon Scan dashboard, $248 million in USDC and Tether was withdrawn from the protocol on June 28 while the SafeDollar (SDO) stablecoin has crashed to zero.

• Hong Kong’s Financial Secretary spoke emphatically of the need for digital transformation and confirmed that the region will conduct technical tests using the digital renminbi central bank digital currency (CBDC) in 2022.

• In its first DAO governance vote, the ICON Balanced community will decide whether to distribute the more than $1 million of fees generated by the platform since it launched on April 25. If approved, the protocol will distribute 60% of network fees to holders of its native token BALN, and 40% to the DAO fund each day, the announcement added.