Bitcoin futures data shows retail is cautious now despite long-term optimism
LUNA and ATOM surge as crypto market loses more steam
The cryptocurrency market is struggling to recover after an eventful week.
The global cryptocurrency market is relatively uneventful today after a rather eventful week. Its total market capitalization is down a slight 0.6% over the past 24 hours, and the price of BTC is up a negligible 0.1%.
Injecting a bit of positivity into the cryptocurrency market today is the news that Bitcoin's hash rate continues to recover from a dramatic decline spurred on by an exodus of miners from China. Standing around 127.97 EH/s, the hash rate of the foremost cryptocurrency network has recovered roughly 50% from the lows that followed China's banning of the industry.
DeFi Digest: Algorand and Harmony launch DeFi funds
Earlier today, Algorand launched a $330 million fund to bolster the development of decentralized finance on the protocol. The fund itself is composed of ALGO tokens that will be allocated to potential projects.
Shortly afterward, blockchain project Harmony announced a similar DeFi fund — worth $300 million.
Top altcoin gainers and losers: DYDX and ALGO take losses
- KP3R/USDT +29.66%
- EDEN/USDT +27.51%
- LUNA/USDT +18.42%
- PROPS/USDT -14.87%
- ALGO/USDT -15.23%
- DYDX/USDT -18.24%
Leading large-cap altcoins today is LUNA, which is up 18.54%. On the opposite end of the spectrum, the recently allocated DYDX token is today's biggest loser — per OKEx's default time settings — and Algorand's ALGO is close behind.
BTC technical analysis: 41,000 USDT waiting below
The price of BTC has found rejection where expected — at the confluence of the four-hour ribbon of exponential moving averages and the lower boundary of a prominent wide resistance zone. Failure to find buyers in the immediate future could see 41,000 USDT tested.
ETH technical analysis: Dropping after fakeout
ETH's short-lived breakout above the four-hour EMA ribbon turned out to be little more than a fakeout. The foremost altcoin has since reversed straight back below the moving averages and seems keen on pushing lower.
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