Regulation and COVID fears spur on crypto market sell-off
Crypto market bounces as yearn.finance-partnered DeFi tokens surge
Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
Valuations in the digital asset market have bounced over the past 24 hours following a stern pullback yesterday. The price of BTC is currently trading around 18,412 USDT on OKEx and is up 3.4% across global cryptocurrency exchanges. ETH and XRP, meanwhile, have recovered by 5.2% and 13%, respectively.
The total cryptocurrency market capitalization has also increased by 3.5% alongside BTC’s price. It now stands above $554 billion, as per data from CoinGecko. With altcoins also rallying, BTC dominance has decreased to 61.7%.
Stock markets around the world saw increases yesterday following a new stimulus proposal from the White House aimed at appeasing Democrats. Some are expecting that major indexes in the United States will open at record highs today.
Top altcoin gainers and losers
- COVER/USDT +34.10%
- PICKLE/USDT +31.78%
- KP3R/USDT +12.66%
- HEGIC/USDT -21.81%
- YEE/USDT -28.86%
- CVT/USDT -34.98%
Today’s top performers on OKEx are all from the world of decentralized finance. More specifically, all three have recently partnered with DeFi platform yearn.finance.
BTC technical analysis
After breaking to the downside from its consolidation pattern, the price of BTC bounced as the four-hour Relative Strength Index went into oversold levels — a rare occurrence during the market leader’s most recent bull rally. However, BTC now faces resistance in the form of the ribbon of exponential moving averages on the same time frame. Failure to regain the EMA ribbon could see the foremost cryptocurrency fall to 16,000 USDT, while flipping the ribbon into support could assist BTC in its push to break through 19,500 USDT.
ETH technical analysis
The ETH/USDT chart on OKEx mirrors that of BTC/USDT. Most notably, the price of the leading altcoin bounced almost perfectly at our outlined support level at 540 USDT and is currently finding resistance at the EMA ribbon on the four-hour time frame. Another sell-off could see ETH move down to test 500 USDT.
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