What Changed in Crypto Markets While You Were Sleeping — May 20

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

Bitcoin update

BTC decreased significantly yesterday, reaching a low of $30,000. This validated the $30,000 area as support once more. The area had previously not been reached since Jan. 27, 2021. 

However, BTC bounced with strength the same day, creating a long lower wick with a magnitude of 22%.

Despite this bounce, technical indicators do not show any bullish reversal signs yet. 

There is resistance at $41,430, in the form of the 0.382 Fib retracement level. However, the main resistance area is found at $48,330 — the 0.618 Fib retracement level of the most recent decrease. This is also a horizontal resistance area.

Altcoin movers

After dropping to a local low of $1.55 trillion on May 19, the total cryptocurrency market cap has recovered slightly to $1.75 trillion today. Nearly every cryptocurrency in the top-10 is still down when looking at the past 24 hours. Tether (USDT) has overtaken the third rank by market cap after Binance Coin (BNB) and XRP shed billions of dollars during the market crash that occurred yesterday,

Ninth-ranked Internet Computer (ICP) is the best performing altcoin today. After its still down 31% on the week, ICP has gained 44% in the past 24 hours. It’s back to a $24 billion market cap, and is just $2.2 billion from taking over Polkadot (DOT).

Bitcoin SV (BSV) is today’s biggest loser. Its currently down 32% in the past 24 hours. However, Terra (LUNA), Curve DAO Token (CRV), and Fantom (FTM) are also all down by more than 30%.

In other crypto news

• The latest victim in the wave of flash loan attacks targeting the decentralized finance (DeFi) industry is one of its largest players — PancakeBunny.

• Despite its shaky start, Uniswap v3 volumes have surged propelling the decentralized exchange (DEX) into second place, behind its v2 iteration.

• The DeFi market has taken a beating in the past 24 hours, with the total value locked value dropping by 39% from a peak on May 11.