BTC under pressure from sellers, SushiSwap stages comeback
BTC, DeFi market bull back toward all-time highs
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The digital asset market is experiencing a strong recovery today off the back of its foremost cryptocurrency, BTC — which has surged 12.7% over the past 24 hours and is currently trading around 39,217 USDT on OKEx. The total cryptocurrency market capitalization is up 11.5% and is back over $1 trillion.
BTC buyers shrug off ECB president's statements
The hot topic in the digital asset space today remains yesterday's remarks from European Central Bank President Christine Lagarde, who stated that Bitcoin "has conducted some funny business and some interesting and totally reprehensible money laundering activity." This belief led to her call for more globally coordinated regulation.
Buyers of the market-leading cryptocurrency have apparently shrugged off Lagarde's statements, as the price of BTC is currently back over $39,000 on global exchanges and appears interested in making a run at $40,000.
DeFi market nears all-time high, Loopring TVL pushes higher
The total value locked in decentralized finance has pushed up to $22.78 billion off the back of BTC's recovery and is currently close to its all-time high of $23.1 billion. Maker dominance has also recovered from yesterday's 17.86% to today's 18.43% after adding 11.67% to its TVL.
Ethereum zkRollup protocol Loopring added the most to its TVL in the major DeFi space with an increase of nearly 20%. On the flip side, decentralized options protocol Auctus and on-chain liquidity protocol Kyber lost 54.09% and 40.24% from their TVL, respectively.
Among the top three decentralized exchanges, Uniswap had the largest TVL increase over the past 24 hours, at 8.25%. SushiSwap saw the smallest increase, at 4.62% — putting it $1.1 billion away from the leading DEX.
Top altcoin gainers and losers: Market conditions show recovery
- CTXC/USDT +43.39%
- BADGER/USDT +27.15%
- XPR/USDT +16.16%
- GNX/USDT -9.37%
- APIX/USDT -10.77%
- ANW/USDT -16.69%
There are no major altcoins among the best or worst performers on OKEx today. CTXC has surged by 43.39%, while ANW has dropped by 16.69% — conditions generally indicative of a market-wide recovery or rally.
BTC technical analysis: Price bulls toward previous all-time high
The BTCUSDT pair on OKEx is posting a strong recovery today after breaking through the ribbon of exponential moving averages on the four-hour time frame. As we often note in Crypto Market Daily, this ribbon frequently acts as support or resistance in trending markets. With that in mind, eager buyers may be keen on taking long positions when the price meets the EMA ribbon.
For bears, it's essentially "now or never" to get shorts filled. A lower-high for BTC would be a bearish development, but shorting feels risky in a market that has exhibited such a strong bullish trend on large time frames.
ETH technical analysis: Still playing follow the leader
The ETHUSDT pair on OKEx still looks similar to the BTCUSDT pair and appears to be following the foremost cryptocurrency's lead. The last high sits at 1350 USDT while the four-hour EMA ribbon may look to act as a support underneath.
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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.