What Changed in Crypto Markets While You Were Sleeping — May 17

·2 min read

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 considerably last week, falling from a high of $59,500 to a low of $43,825. This was the lowest price level BTC has seen since February.

At the time of press, bitcoin was trading above a strong support level at $43,400. This is both a horizontal support area and the 0.382 Fib retracement level when measuring the most recent portion of the upward movement.

If the price breaks down, the next support area would be found at $36,785.

Technical indicators in the weekly time frame are bearish. The MACD has generated several lower momentum bars and the Stochastic oscillator has made its first bearish cross since September 2019 (red arrows). However, the RSI is still above 50.

BTC Weekly Movement

Altcoin movers

The total cryptocurrency market cap fell to just over $2 trillion to kick off the week in a marketwide selloff, though it has since bounced back to $2.12 trillion. Nearly every crypto asset in the top-100 is in the red today.

Revain (REV) has shrugged off the dip and is posting a 33% gain on the day, making for a 117% increase during the past week. It’s trading just below $0.03 and has moved into the #57 position.

Qtum (QTUM) is suffering the most. The token is down nearly 13% on the day and 34% in just the past week. However, at the time of press, 12 other cryptocurrencies in the top-100 were also experiencing daily losses of more than 10%.

In other crypto news

  • Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring.

  • Vitalik Buterin has burned over $6 billion worth of SHIBA INU (SHIB) tokens and will donate the remaining amount to charity.

  • It’s another day, and another decentralized finance (DeFi) flash loan exploit has reared its head. The latest victim is bEarn, which lost $11 million in stablecoins on May 16.