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BeInCrypto presents our daily morning roundup of crypto news and market changes that you may have missed in your sleep.
Bitcoin Update
Bitcoin (BTC) climbed back above $ 35,000 on June 28 after hitting a double low at $ 31,500 on June 25. Despite the increase, BTC is still down 44% from its highest daily close of $ 63,689 on April 13.
BTC is trading below a descending resistance line drawn from May 10th when the price started to collapse. Unless the price can break through and close this line, the trend should continue to be bearish. If it manages to continue to rise, there is a strong level of horizontal resistance between $ 41,000 and $ 43,000.
At the time of going to press, the RSI is at 47 and is facing resistance at 53. If BTC fails to break out of resistance there is a good chance it is testing lower support levels, may -be close to $ 27,000.
Altcoins Movers
The cryptocurrency’s total market cap rose 6.5% on the day to $ 1.44 trillion. Since collapsing from an all-time high of $ 2.3 trillion on May 12, market capitalization has mostly moved in the range of $ 1.75 trillion to $ 1.33 trillion. Almost all of the top 100 cryptocurrencies by market cap have risen in value in the past 24 hours.
Internet Computer (ICP) is the biggest altcoin winner of the day so far, up 41% to regain the $ 44 level. When the ICP hit the markets in early May, the price hit $ 475 before dropping to $ 28 on June 26.
Besides the Liquidity USD (LUSD) stablecoin, NEO and Quant (QNT) are the only cryptocurrencies in the top 100 that suffer losses that day. QNT is down 1.2% in the past 24 hours but still gained 13.5% last week.
In other crypto news
Another Decentralized Funding Protocol (DeFi) appears to have been operated 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 taken out of the protocol on June 28 as the SafeDollar (SDO) stablecoin crashed to zero.
Hong Kong’s financial secretary insisted on the need for digital transformation and confirmed that the region will conduct technical tests using the central bank’s digital currency (CBDC) in digital renminbi in 2022.
In its first DAO governance vote, the ICON Balanced community will decide whether or not to distribute the more than $ 1 million in fees generated by the platform since its launch on April 25. If approved, the protocol will distribute 60% of the network fee to holders of its native BALN token, and 40% to the DAO fund each day, the announcement added.
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