Bitcoin went on a wild ride in the past 24 hours. The cryptocurrency began the day trading at around $7,100 only to drop down to about $6,850 in a sudden move south. However, bulls took it from there, and the BTC price shot up to $7,660, which was also the daily high.
Currently trading at around $7,500, Bitcoin has managed to retain its price above the significant resistance area between $7,300 and $7,400. As Cryptopotato reported yesterday, the next resistance to watch lies at $7,700, and for the bulls to regain market momentum, Bitcoin has to overtake the $8,000 benchmark.
It’s also worth noting that there could be a formation of an inverse head and shoulders pattern, and if it plays out, Bitcoin could get to the short-term target of $8,300. Interestingly enough, this latest surge came on the same day when news broke out that popular Korean cryptocurrency exchange UpBit has been hacked and that $50 million worth of ETH has been stolen.
On another note, the entire cryptocurrency market felt Bitcoin’s forward momentum as almost all top 20 altcoins are in the green. Notable gainers here include Monero (7.72%), Cardano (5.94%), Tron (7.38%), Binance Coin (5.25%), and Bitcoin Cash (5%). It’s also interesting to note that all of the major altcoins managed to mark similar gains when trading against the rising Bitcoin as well.
Total Market Cap: $204 Billion | Bitcoin Market Cap: $136 Billion | BTC Dominance: 66.5%
Major Crypto Headlines
Upbit Exchange Hacked: Confirms $50 Million Worth of Ethereum (ETH) Stolen. The popular Korean cryptocurrency exchange UpBit has confirmed that $50 million worth of ETH has been stolen. The CEO of the venue went ahead to guarantee that the funds will be entirely recovered from the company’s assets.
Institutional Interest On The Rise As Bakkt’s Bitcoin Futures Volume Increases Continuously. Irrespective of Bitcoin’s price at present times, the interest from institutions seems to be picking up. This is showcased mainly in the continuously increasing volume of Bitcoin futures contracts traded on Bakkt – the trading platform of the International Exchange (ICE). Moreover, investments toward another institutional-grade Bitcoin product – Grayscale’s Bitcoin Trust, are also on the rise.
CEO Of $230 Billion Investment Fund Unwittingly Linked To A Bitcoin Scam. Ho Ching, the CEO of Temasek, a prominent investment fund, has been unwittingly linked to a scam that involves Bitcoin. She’s been used in an ad, bearing “as seen on” logos of several reputable outlets. This further highlights the need to make sure that the venue users trust within the cryptocurrency industry should be double-checked while avoiding involvement in shady and unknown Bitcoin-related get-rich schemes.
Significant Daily Gainers and Losers
Enigma is a privacy-oriented cryptocurrency project which attempts to improve the adoption and usability of decentralized technology. Its native token, ENG, is up 23.63% in the past 24 hours against the US Dollar. It’s also managed to increase by about 15% against BTC, which is impressive. The current market cap of the project is just shy of $45 million.
Matic Network (18.29%)
Matic Network is a well-known project within the cryptocurrency community, and it was one of the first to have its tokens launched through Binance Launchpad. It’s safe to say that MATIC had a good day of trading, as it’s up more than 18% on the day against the USD, and almost 11% against BTC. Its current market cap sits at around $63.6 million.
Unfortunately, not all altcoins managed to capitalize on Bitcoin’s latest rally and Silverway (SLV), is one of them. The cryptocurrency marks a decline of around 12.2% against the USD and even more against Bitcoin – 18.1%. This has reduced its current market cap to around $51.8 million, ranking it 81st amid all cryptocurrency projects.
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