After taking a beating on a rallying US Dollar, Bitcoin gained solid support to drive its price back to positive territory, and is currently trading above the US$19,000 support line.
The graph is showing something of a ‘cup and handle’ pattern, with traders considering whether a upshot or a sideways continuation is in store.
Bitcoin enjoys support after bleeding on strong US dollar – Credit: currency.com
Ethereum saw an even stronger rebound, with the bulls adding 7.5% to bring it above the US$1,600 support line.
At US$980bn the crypto markets as a whole are still below the key US$1tn mark, though strong price action in the altcoin space is encouraging.
Binance’s BNB Coin added 5.5% bringing its market capitalisation up to US$45bn, while Solana outperformed its network token competitors with a 4.6% gain.
Checking in on the meme coins, Dogecoin (DOGE) is currently at a US$8.1bn market cap after adding 3.3% this morning, while Shiba Inu (SHIB) added 2.2%, bringing its market cap up to US$6.8bn.
The US$3.5bn oracle network Chainlink also performed well, having added 7%.
Terra Classic (LUNC) seems hell bent on returning from the dead following its total collapse in May.
A recently announced airdrop rewards programme and added support on some major digital asset exchanges sent the token skyward, having gained 43% in the past day alone.
Top movers in the decentralised finance (DeFi) space this morning included the Binance-based decentralised exchange SushiSwap, which added double digits to its market cap, as did Compound Finance and Curve.
Total value locked across the wider DeFi space is currently US$58.2bn.
Elsewhere in the news
Hackers have stolen over US$370,000 worth of the USDC stablecoin from Avalanche-based lending protocol Nereus Finance.
The scammer used a ‘flash loan’ exploit that was detected by blockchain cybersecurity firm CertiK.
The UK Advertising Standards Authority has fired a warning shot at Love Island twins Eve and Jessica Gale over their “irresponsible” cryptocurrency advertisements.
The advertising regulator’s complaint said their promotion of a crypto influencer was “misleading because they failed to illustrate the risk of the investment” and “irresponsible because they took advantage of consumers’ inexperience or credulity”