What Changed in Crypto Markets While You Were Sleeping — June 14

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

Bitcoin update

Bitcoin began last week by falling to a low of $31,000. However, it bounced right back up, leaving a long lower wick in place and reaching a bullish close. The weekly high was at $39,380.

Despite the bullish candlestick, technical indicators are firmly bearish. The MACD is decreasing and its histogram has crossed into negative territory. This has historically been a bearish sign.

The Stochastic oscillator has made a bearish cross (red icon) and the RSI has crossed below the 50-line.

The next closest resistance areas are at $43,250 and $47,400. These targets are the respective 0.382 and 0.5 Fib retracement resistance levels.

Altcoin movers

The total cryptocurrency market cap is up by more than 8% today, currently sitting at $1.677 trillion. Since May 24, the total cap has moved in a range between $1.47 trillion and $1.84 trillion.

Nearly every cryptocurrency in the top-100 by market cap are in the green today, and many are seeing double-digit percentage gains. Amp (AMP) is on top, gaining more than 20% in the past 24 hours and is up over 50% in the past week. This has boosted AMP into the #34 position.

Apart from stablecoin fluctuations, no altcoin in the top-100 has experienced a loss in the past 24 hours. HUSD, cUSDC, and cDAI are all tied for the biggest loser, down 0.5% on the day.

In other crypto news

• Bitcoin’s price rose to over $39,000 as miners approved the Taproot upgrade, and Musk saying that Tesla will reinstate bitcoin payments following more clean energy usage.

• Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of the supply is now locked in smart contracts.

• Africa is topping the charts of P2P bitcoin trading volume, recording $17 million in May 2021. This growth represents a near-50% increase year-over-year.