What changed in the crypto market while you were sleeping - August 11?

BeInCrypto presents our daily morning roundup of cryptocurrency news and market developments you might have missed in your sleep.

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The Bitcoin

BTC

market

has been

rising since July 20 after reaching a local low of $29,278. It formed a higher low on August 5 and then resumed its rise.

It has so far managed to reach $46,700 on August 10

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Bitcoin

is approaching a very important resistance level between $46,800 and $47,800. This resistance is formed by the long-term 0.5 Fib retracement level (white), the short-term 0.618 Fib retracement level (black) and the horizontal resistance area.

A recovery of this level would be a long-term confirmation that the trend is still bullish. However, while the stochastic oscillator and MACD are bullish, the RSI

is generating a bearish divergence (blue). What changed in the crypto market while you were sleeping - August 11?Rynek BitcoinaChart courtesy of Tradingview The

altcoin market

The

total market capitalization of the cryptocurrency market has continued to rise today. It is currently just below the $2 trillion level at $1.97 trillion. This is the highest market capitalization reading

since May 20, 2021. This represents a 57% increase from the local low of $1.25 trillion that Bitcoin reached on July 21.

Most of the altcoins in the TOP 100 by market capitalization have shown increases over the past 24 hours. Axie Infinity (AXS), however, grew the most

, up 57% on the day to a new all-time record of $72.61. For comparison, AXS was around $5 in early July.

Internet Computer

(ICP) is today’s biggest loser so far, falling 7.1%. Despite the loss, ICP is trading at a two-month high around $70 after hitting a low below $30 in late July.

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Other crypto news

  • BitMEX has settled its case with the US CFTC and FinCEN, paying 100 million dollars in fines. The exchange will now focus on new business products and regulatory compliance.
  • Decentralized exchange Uniswap is no longer on top when it comes to Ethereum usage. That distinction has been taken over by the OpenSea NFT exchange in the face of new NFT dumps and much confusion.
  • A massive $600 million cyber attack targeting Poly Network took place on August 10. Chief Technology Officer at Tether, Paolo Ardoino claims that Tether has already frozen $33 million in USDT that was part of the stolen assets, effectively locking the tokens.

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