The Crypto Market Overnight – 9 August

Briefly –

  • BTC closes a 3-week high, trading in green around the $44K zone.
  • XDC Network (XDC) surges over 23% in 24 hours.
  • The decision by the US Congress on the much-awaited infrastructure bill experiences slight delays due to what it has for crypto legislation.

As usual, a lot might have happened in the crypto space as you were in the slumberland. Here are some of the cryptocurrency events that you might have missed.

Bitcoin (BTC) Update

Bitcoin (BTC) closes another week in green, hovering beneath the $44,000 zone. Remember, Bitcoin has never traded this high since falling beneath $46K on 17 May.

The leading crypto crossed the $45K mark briefly on 8 August. However, Bitcoin lost some of its value, trading at $43,730 at the moment.

Meanwhile, the 200-d MA remains a resistance that BTC needs to overcome despite the daily closes over the range highs throughout June and May.

With a successful break over the 200-day moving average, traders can see Bitcoin testing the following resistance around $50,000.

However, before Bitcoin can challenge higher resistance zones, it might plunge to the levels at $41,000 to form a higher low and confirm a resistance or support flip.

Alt Movers

The overall market cap sits around $1.83 trillion after the 8 August local highs that had it at $1.91 trillion. That marks the highest zone since the leading plunged beneath $2 trillion on 20 May.

The recent increase comes from BTC surging above $44,000 and Ether overpowering the $3,000 level.

XDC remains the top gainer as far as today is concerned. The alt managed to uptick by almost 23%, nearing the $0.10 price mark. Another high gainer, Chiliz (CHZ), is 12% high today.

On the other news, SafeMoon remains 20% down today and 11.3% in a week. That way, SAFEMOON risks a 3-month low under $0.000002, losing the 79th position.

Other Cryptocurrency News

The United States Congress’ decision on the awaited infrastructure bill undergoes delays due to the crypto legislation updates.

According to its initial announcement, the bulls would offset some trading costs by regulating the cryptocurrency industry.

Stay around for incoming market news.

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