BeInCrypto presents our daily morning roundup of cryptocurrency news and market changes that you may have missed in your sleep.

Bitcoin update

Bitcoin (BTC) ended its third consecutive week in the green just below the $ 44,000 level. This is the highest close for BTC, as it initially fell below $ 46,000 on May 17. BTC managed to briefly break above $ 45,000 on August 8, but fell slightly to trade at $ 43,730.

Despite its daily closes above the maximum range observed between May and June, BTC faces some resistance from the 200-day moving average. If it manages to successfully close a few closes above the 200-day moving average, it could indicate a test of the next resistance level near $ 50,000.

BTC may first drop to the $ 41,000 zone to create a higher low and validate a support / resistance reversal before challenging higher resistance levels.

TradingView BTC chart

Altcoin Engines

Total cryptocurrency market capitalization sits at the $ 1.83 trillion level after hitting a local high of $ 1.91 trillion on August 8. This was the highest level reached since it fell below $ 2 trillion on May 20. This spike is largely due to bitcoin pumping above the $ 44,000 mark and Ethereum back above the $ 3,000 mark.

XDC Network (XDC) is today’s best source of income so far, adding almost 23% in value and has almost reached the $ 0.10 price level. This is more than double the next highest gain, Chiliz (CHZ), which was up 12% on the day.

Also Read At Least 6,000 Coinbase Clients Stolen This Spring, Exchange Pays Losses

On the other end of the spectrum, SafeMoon (SAFEMOON) fell more than 20% on the day and 11.3% in the last seven days. This has caused SAFEMOON to lose position # 79 and is dangerously close to the three-month low below $ 0.00002.

In other crypto news

• US Congress’s decision on the highly anticipated infrastructure bill is experiencing delays due to the drafting of its cryptocurrency legislation. When the bill was first announced, it was noted that some of the costs would be offset by increased enforcement from the cryptocurrency industry.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at your own risk.

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