Crypto Market Daily Highlights – ADA and SOL Lead Late Reversal

Key Insights:

  • It was a bearish Wednesday session for the crypto top ten, with Cardano (ADA) and Solana (SOL) leading the way down.
  • US economic indicators and the NASDAQ 100 delivered support before Fed Fear weighed after the US closing bell.
  • The total crypto market cap fell by $5.24 billion to $1,011 billion, with a late reversal leaving the market in negative territory.

It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) avoided sub-$21,000 while falling short of $22,000 for a fifth consecutive session. ADA and SOL led the way down, with a post-US closing bell reversal leaving the market in negative territory.

It was another choppy session for the crypto market on Wednesday. US economic indicators drew interest as central bankers headed to Jackson Hole, Wyoming.

In July, core durable goods orders rose by 0.3% versus a 0.3% increase in June. Economists forecast a 0.2% rise. Goods orders non-defense ex-air increased by 0.4% versus a forecasted 0.3% rise. In June, goods orders non-defense ex-air increased by 0.9%.

Pending home sales also beat forecasts, falling by 1.0% versus a forecasted 4.0% decline. In June, pending home sales slid by 8.9%.

The NASDAQ 100 ended Wednesday with a modest 0.41% gain as investors remained cautious ahead of Fed Chair Powell’s Friday speech at the Jackson Hole Symposium.

While US economic indicators have delivered mixed signals this week, there is plenty of uncertainty over what to expect from the next FOMC meeting.

NASDAQ correlation.
Total Market Cap – NASDAQ – 250822 5 Min Chart

The Total Crypto Market Cap Revisits $1,030 Billion Before Late Reversal

On Wednesday, the total crypto market cap fell to an early morning low of $991.3 billion before rising to a late high of $1,030 billion. However, a bearish end to the Wednesday session saw the market cap fall back to $1,011 billion.

The late reversal left the total crypto market cap down $5.24 billion on the day and down $52 billion for August.

Crypto market cap sees red.e
Total Market Cap 250822 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Wednesday session for the crypto top ten.

ADA and SOL fell by 1.72% and 2.24%, respectively, to lead the way down.

BNB (-0.97%), BTC (-0.71%), DOGE (-1.37%), ETH (-0.55%), and XRP (-0.44%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

Decred (DCR) led the way, rallying by 9.14%, with Ankr (ANKR) and Cosmos (ATOM) rising by 7.17% and 7.35%, respectively.

However, XDC Network (XDC) led the way down, sliding by 6.55%. Chiliz (CHZ) and Monero (XMR) also struggled, falling by 3.15% and 2.45%, respectively.

Liquidations See a Final Hour Rise in Response to Late Reversal

Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $93.11 million, down from $144 million on Wednesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 37,316 versus 47,048 on Wednesday morning. Liquidations over 12 hours and 4 hours fell, while one-hour liquidations increased as crypto investors locked in profits ahead of the Jackson Hole Symposium.

Crypto liquidations
Total Crypto Liquidations 250822

According to Coinglass, 12-hour liquidations stood at $60.77 million, down from $69.91 million on Wednesday morning. 4-hour liquidations fell from $25.87 million to $15.34 million, while one-hour liquidations increased from $1.12 million to $3.90 million. The chart below shows market conditions throughout the session.

crypto market cap sees late reversal.
Total Market Cap 250822 Hourly Chart

Crypto Market Daily Highlights – ETH and SOL Buck the Top Ten Trend

Key Insights:

  • It was a choppy Saturday session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) extending losses from the Friday sell-off.
  • There were no cues from the crypto news wires to shift investor sentiment, leaving dip buyers to provide support.
  • A late crypto market recovery from negative territory delivered a $3.08 billion increase, leaving the market cap at $982.8 billion.

It was a mixed session for the crypto top ten. Bitcoin (BTC) returned to sub-$21,000, with a day low of $20,769 before wrapping up the day at $21,141. However, Ethereum (ETH) and Solano (SOL) saw red to buck the top ten trend.

A choppy session saw the broader crypto market slide back into negative territory before dip buyers jumped in. There were no crypto news stories to deliver support or shift investor sentiment toward Fed monetary policy.

The lack of direction will likely give the NASDAQ 100 influence going into the Monday session. Following Friday’s 2.01% loss, the NASDAQ 100 Mini will need to head northwards to prevent a bearish start to the week.

With the crypto market focused on US economic indicators and the Fed, the NASDAQ – crypto correlation will likely remain in place over the near term.

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The Total Crypto Market Cap Steadies after the $99 Billion Meltdown

On Saturday, the total crypto market cap rose to a mid-morning high of $1,003 billion before sliding to a low of $963.6 billion. However, finding late support, the total crypto market cap ended the day up $3.08 billion to $982.8 billion.

The modest Saturday gain left the total crypto market cap down $76 million for August. After hitting an all-time high of $3,009 billion in November, the crypto market cap is heading for a seventh monthly loss in ten.

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The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Saturday session for the crypto top ten.

DOGE led the way with a 2.30% gain, with ADA (+0.22%), BNB (+1.61%), BTC (+1.47%), and XRP (+0.71%) finding support.

However, ETH (-2.05%) and SOL (-1.51%) bucked the top ten trend.

From the CoinMarketCap top 100, it was a mixed session.

EOS (EOS), Quant (QNT), and Monero (XMR) were among the front runners on Saturday.

QNT and XRM rose by 5.74% and 4.57%, respectively, with EOS rallying by 10.92%.

However, Gnosis (GNO), Celsius (CEL), and Chiliz (CHZ) were among the biggest losers of the day.

GNO and CEL slid by 8.88% and 13.73%, respectively, with CHZ declining by 6.58%.

Total Crypto Liquidations Subside as Calm Returns to the Crypto Market

Over the last 24 hours, total liquidations returned to normal levels, with dip buying delivering a mixed crypto session.

At the time of writing, 24-hour liquidations stood at $147 million, down from $639 million on Saturday morning.

Liquidated traders also fell back over the last 24 hours. At the time of writing, liquidated traders stood at 54,629 versus on Saturday morning. While liquidations over 12 hours remained elevated, 4-hour and one-hour liquidations reflected improving market conditions.

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According to Coinglass, 12-hour liquidations stood at $122.80 million. 4-hour liquidations slid from $94.04 million to $8.36 million, with one-hour liquidations down from $19.36 million to $1.08 million. The chart below shows improving market conditions over the last 4 hours.

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5 Things to Know in Crypto Today: BTC Slips Under $24K, ETH Under $1.9K

Key Points

  • Cryptocurrencies are pulling back from weekend highs amid a cautious tone to global macro trade following weak Chinese data.
  • Bitcoin was last trading just under $24,000 and Ethereum under $1,900, with US Retail Sales, FOMC minutes in focus.
  • Monero implemented a major hard fork upgrade this weekend.

BTC Slips Back to $24,000, ETH to $1,900

After a strong finish to last week, macro risk appetite has taken a modest turn for the worse on Monday, with a barrage of weaker than expected data points released out of China overnight weighing on sentiment in the global equity space. After hitting fresh multi-week highs above the $25,200 level overnight, Bitcoin recently pulled back  under $24,000.

Ethereum, meanwhile, recently dipped back under $1,900s, having surpassed the $2,000 mark on multiple occasions over the weekend. Other major altcoins are also trading in subdued fashion, with the likes of BNB, ADA, XRP, SOL, DOGE and DOT all flat to down about 2.0% in the last 24 hours, according to CoinMarketCap. Monday is set to be a very quiet session, with very little of note on the economic calendar. This week’s main events will be Wednesday’s US Retail Sales report for July and the minutes from last month’s FOMC meeting.

Monero Implements Major Hard Fork Upgrade

Privacy-focused cryptocurrency network Monero on Saturday implemented a major hard-fork upgrade, with improvements to its privacy features, performance and wallet functionality. The number of signers in a ring signature, which are used to make it impossible to trace the origins of a Monero transaction, has been increased to 16 for every transaction from 11 before.

Monero’s Bulletproof algorithm which also facilitates private transfers was upgraded to Bulletproof+ and is expected to improve performance by 5-7%. The upgrade is also expected to speed wallet syncing by 30-40% and reduce network fee volatility.

Scaramucci Urges Crypto Investors to HODL and Think Long-term

Crypto investors should “see through the current environment” and “stay patient and stay long term”, said the founder of well-known hedge fund Skybridge Capital Anthony Scaramucci in an interview with CNBC over the weekend. Scaramucci cited recent improvements in the Bitcoin Lightning Network, a layer-2 payment protocol built on top of the Bitcoin blockchain, and recent moves by Blackrock to expand its cryptocurrency offerings.

Recall that in the last few weeks Blackrock has 1) teamed up with Coinbase to offer crypto trading services to its institutional clients and 2) launched a spot Bitcoin private fund to offer its clients direct crypto exposure. “(Blackrock) CEO Larry Fink is seeing institutional demand for digital assets… Otherwise, he wouldn’t be setting up those products, and he wouldn’t be teaming up with Coinbase,” Scaramucci said.

Scaramucci also spoke about the upcoming Ethereum merge and how that has been boosting ETH’s price as of late, noting the risk of a “sell the fact” reaction once the merge goes ahead in mid-September. “A lot of traders are probably buying that rumor; they will probably sell on the news of that merger… I would caution people not to do that; these are great long-term investments”.

Sacrificing Tornado Cash Worth as Crypto Needs a “Rules Based Environment”, Say’s Kevin O’Leary

Speaking in a podcast over the weekend, famous shark tank investor and venture capitalist Kevin O’Leary spoke on the recent clamp-down by the US Treasury on the Ethereum-based privacy-focused payments service Tornado Cash and the recent arrest of its creator Alexey Pertsev in the Netherlands. “At the end of the day, it’s okay to arrest that guy,” O’Leary said.

“He’s messing with the primal forces of regulation… If we have to sacrifice him, that’s okay, because we want to have some stability in that institutional capital”. O’Leary is of the opinion that needs to operate in a well-regulated “rules-based environment” in order to attract substantial sums of institutional capital into the asset class.

O’Leary’s opinion on recent Tornado Cash developments differs substantially from many within the crypto community. The US government has bene lambasted for attacking the right of US citizens to privacy in its clamp down on Tornado Cash. And authorities in the Netherlands have faced severe criticism for the arrest of its creator, who they claim is not responsible for the actions of any bad actors using the service he created.

Acala’s aUSD Loses 99% of Value in Latest Stablecoin Depeg

Another Decentralized Finance (DeFi) stablecoin collapsed this last weekend. Polkadot-based platform Acala’s native USD-pegged stablecoin aUSD dropped 99% on Sunday after a hacker exploited a bug in a recently deployed liquidity pool to mint 1.28 billion new tokens out of thin air.

According to Polkadot’s official Twitter account, “a misconfiguration was found on Acala’s iBTC/aUSD liquidity pool which resulted in erroneous mints of significant amounts of aUSD”. However, the “Acala team reacted quickly through governance, pausing certain chain functions including transfers, thereby keeping over 99% of the minted funds on Acala”. “The Acala team will continue tracing on-chain activity, and will facilitate a community proposal to resolve the issue”.

5 Things to Know in Crypto Today: ETH Briefly Tops $2K, BTC Continues to Probe $25K

Key Points

  • Cryptocurrency market’s have carried Friday’s bull momentum into Saturday.
  • Ethereum briefly surpassed $2,000 on continued Merge optimism, whilst Bitcoin once again failed to crack above $25,000.
  • 76% of financial institutions hope to utilize cryptocurrency in some way over the next three years, said a Ripple survey.

Bullish Momentum Continues on Saturday

Friday’s bullish momentum in cryptocurrency markets has continued on Saturday. Ethereum was briefly able to break back above the $2,000 level and at current levels near $1,980, the cryptocurrency is trading with gains of over 6.0% in the last 24 hours, according to CoinMarketCap. The world’s second-largest cryptocurrency continues to perform well amid optimism about its upcoming “Merge”.

Bitcoin is also trading with an upside bias and was last up around 3% in the last 24 hours in the $24,300s, though failed once again to break to the north of the $25,000 level once again in earlier trade. If the world’s largest cryptocurrency can break to the north of resistance in the $25,000 area, the door could be opened for a swift rally towards the next supply area in the $30,000 area.

Most major altcoins are also performing well on Saturday. The likes of BNB, XRP, ADA, SOL, DOT and DOGE are all up between 2-10% in the last 24 hours, as per CoinMarketCap.

Mood Upbeat at this Week’s ETHToronto, Blockchain Futurist Conferences

The mood at this week’s ETHToronto and Blockchain Futurist Conference’s in Canada has been buoyant, attendees of the event told the crypto media. “For the first time in a long time, people were inspired again,” said Ankr’s chief marketing officer Greg Gopman. “Maybe it was Vitalik showing up… Maybe it’s news of the Merge nearing reality… Or maybe it was just the beautiful indoor-outdoor venue during two perfect Toronto summer days – but for the first time in a while, things felt bullish again.”

The event coincided with Thursday’s successful merge of the Ethereum Goerli testnet, which opened the door to the mainnet’s merge to Proof-of-Stake from Proof-of-Work in just over one month’s time.

76% of Financial Institutions Expect to Use Crypto by 2025 – Ripple Report

According to a report published by Ripple earlier this week, 76% of financial institutions across the world hope to utilize cryptocurrency in some way over the next three years, so long as regulation permits. 70% of financial institutions expressed an interest in using blockchain technology for payments in some way, be that for internal transfers, inter-institution payments or for payments to consumers.

Meanwhile, 71% of businesses surveyed think they will use crypto in some way over the next three years. The survey also questioned consumers on their crypto intentions. 65% said they would consider buying some if their bank offered it.

Privacy Protocol Monero Is Getting a Major Upgrade

Privacy-focused cryptocurrency protocol Monero is undergoing a major network upgrade this Saturday.

Monero claims that transactions using its native XMR token are secure, private and untraceable. Saturday’s upgrade will trigger a hard fork in the Monero blockchain and Monero node operators are being encouraged to upgrade their software to Monero v0.18.

Person Arrested in Netherlands on Suspiscion of Having Worked on Tornado Cash

On the topic of privacy-focused cryptocurrency protocols, law enforcement authorities in the Netherlands have arrested an individual suspected have worked on the development of the Ethereum-based crypto-payments mixing service Tornado Cash. The US Treasury blacklisted Tornado Cash earlier in the week, banning US citizens from interacting with the service, accusing it of having facilitated billions of dollars in money laundering.

The backlash against this week’s Tornado Cash-related events on from cryptocurrency community members has been furious. Firstly, many view the Treasury’s blacklisting of Tornado Cash as a restriction on freedom of speech, given that code (which is all Tornado Cash really is) is viewed under US law as speech.

Secondly, US and Netherlands authorities have been lambasted for cracking down on a service that offers privacy, with many claiming that privacy is a human right. One social media user compared the crackdown on Tornado Cash as akin to a crackdown on workers who install curtains in people’s homes.

Twitter users were scathing in their criticism of Netherlands law enforcement over the developer’s arrest.

“They put a man in jail because bad people used his open source code… This cannot stand in any free society,” said @RyanSAdams.

Crypto Market Daily Highlights – BTC, ETH, and SOL Are on the Move

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with bitcoin (BTC), Ethereum (ETH), and Solana (SOL) finding support.
  • The NASDAQ 100 weighed on investor sentiment, with fears that the Fed will deliver another sizeable rate hike, weighing on riskier assets.
  • The total crypto market cap is up by $3.66 billion to $1,123 billion.

It is a mixed Thursday session for the crypto top ten. In a choppy session, bitcoin (BTC) came within reach of $25,000 before falling back. Ethereum (ETH) and Solana (SOL) lead the way, while the rest of the top ten sees red.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

Following the softer US consumer inflation figures, US wholesale inflation figures drew interest on Thursday. The numbers were market-friendly, with the annual rate of wholesale inflation softening from 11.3% to 9.8% in July.

However, softer inflation failed to ease market fears of another sizeable Fed rate hike in September, leading to a late pullback. The NASDAQ 100 fell by 0.58%, with the crypto market seeing early gains wiped out.

NASDAQ correlation
Total Market Cap – NASDAQ – 120822 5 Min Chart

The Total Crypto Market Cap Hits the Highest Level Since Mid-June

On Thursday, the total crypto market cap rose to a mid-day high of $1,153 billion before sliding to a low of $1,112 billion. The US consumer and wholesale inflation figures delivered support before a reversal kicked in, with the markets expecting the Fed to keep the foot on the gas.

With an hour of the Thursday session left, the total crypto market cap was up $3.66 billion to $1,123 billion. A bullish week has seen more than $40 billion pour in.

Crypto market cap hits highest level since mid-June
Total Market Cap 120822 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Thursday session for the crypto top ten.

With one hour of the session remaining, ETH and SOL lead the way, with gains of 1.53% and 1.11%, respectively. BTC also found support, rising by 0.39%.

However, it is a bearish session for the rest of the top ten.

DOT leads the way down, sliding by 3.67%, with BNB down by 1.34%.

ADA (-0.74%) and XRP (-0.31%) are also in negative territory.

From the CoinMarketCap top 100, it is a mixed session.

Ankr (ANKR) leads the way, surging by 50.75%, with Ethereum Classic (ETC) and Ravencoin (RVN) also on the move. ETC is up 12.6%, with RVN up by 11.43%.

However, Monero (XMR), Convex Finance (CVX), and Arweave (AR) lead the way down.

XMR is down 5.67%, with CVX and AR falling by 4.17% and 3.63%, respectively.

Total Crypto Liquidations Rise in the Wake of the US Inflation Numbers

This morning, total liquidations remain elevated as investors respond to the pullback in the US equity markets and fears of an unwavering Fed. 24-hour liquidations continued the upward trend.

At the time of writing, 24-hour liquidations stood at $343 million, up from $282 million on Thursday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 58,688 versus 63,664 on Thursday morning. Market conditions improved over the 24 hours, reflected in the 12-hour, four-hour, and one-hour liquidation figures,

While 12-hour liquidations remain elevated ($165 million), one-hour and four-hour liquidations have retreated.

Crypto liquidations rise again
Total Crypto Liquidations 120822

According to Coinglass, four-hour liquidations stood at $7.83 million, down from $16.52 on Thursday morning. One-hour liquidations are down from $2.56 million to $1.54 million (see hourly crypto market cap chart below).

Crypto market cap slides back from the day high
Total Market Cap 120822 Hourly Chart

Daily News Highlights

Adoption Grows as 75% of Retailers Are Eyeing Crypto Payments

Key Insights

  • Deloitte has found that 75% of U.S. retailers plan to accept crypto payments within the next two years. 
  • More than half of large retailers are building the required infrastructure to integrate digital currencies into their services. 
  • 64% of merchants said that their customers have expressed interest in using crypto for payments. 

Despite the crypto market collapsing in May, wiping out nearly $40 billion in investors’ capital, a new survey published by Deloitte suggests that merchants are optimistic about cryptocurrency’s future.

Deloitte, a leading global provider of audit and assurance, consulting, financial advisory, risk advisory and tax services, has found that 75% of U.S. retailers plan to accept crypto or stablecoin payments within the next two years.

As it currently stands, there are over 320 million crypto users worldwide, with global crypto adoption rising by over 880% last year, according to data from Chainalysis and TripleA. As more and more people continue to invest in cryptocurrencies, it is expected that digital assets will make an even larger impact on the retail sector in the coming years.

Merchant Adoption of Digital Currencies

According to Deloitte, more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to integrate digital currencies into their services.

A large chunk of surveyed merchants (85%) said they anticipate that cryptocurrency payments will become more prevalent in their respective industries within five years, while 60% expect budgets of more than $500,000 to enable crypto payments this year.

In addition, small to medium-sized companies are also entering the space, with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to create the necessary infrastructure.

The survey also found that consumer interest is fuelling merchant adoption, with 64% of retailers confirming that their customers have expressed interest in using crypto for payments. Around 83% of merchants anticipate that this interest is only set to increase in the future.

To this end, a recent study by research firm Insider Intelligence revealed that the number of adults in the U.S. relying on digital assets for everyday purchases is set to surge 70% by the end of this year. This means that 3.6 million Americans, or 10.7% of all crypto owners, will be paying for goods and services in crypto by December 2022.

Insider Intelligence expects cryptocurrencies to exceed $10 billion in global transaction value this year. In fact, the company believes that as digital asset adoption accelerates, the number of users worldwide may eclipse 37.2 million by 2023. This figure is feasible considering that investors entering the global crypto fray have nearly doubled across countries like India and Brazil within the last 12 months.

Push for Crypto Payments

While nearly half expect that cryptocurrency adoption will enhance the customer experience, 93% of retailers that are already accepting cryptocurrency have reported a positive impact on their customer metrics.

However, challenges remain and many merchants cited concerns related to the security of payment systems (43%) fluctuating regulations (37%), volatility (36%) and a lack of budget (30%).

Indeed, the complexities linked to the integration of cryptocurrencies with legacy systems poses the largest challenge, according to 45% of surveyed retailers. Deloitte expressed that wider adoption is more likely across a broader set of products and services as partnerships with regulated and established institutions in the industry help to deliver the benefits of digital currencies.

Additionally, more than 80% of surveyed merchants would be motivated to adopt digital currency payments if third-party processors avoided the traditional holding period or offered no conversion fees for digital and/or fiat currencies.

As it currently stands, 7879 global merchants accept Bitcoin (BTC) as a payment method, according to data from Cryptwerk. That figure stands at 4081 for Ethereum (ETH), 3284 for Litecoin (LTC), 2935 for Bitcoin Cash (BCH), 2058 for Dogecoin (DOGE), 1770 for Dash (DASH), 1658 for Ripple (XRP) and 1299 for Monero (XMR).

Also, leading fashion brands Balenciaga and Gucci announced recently that they are accepting cryptocurrencies across flagship U.S. stores, while PayPal expanded its offering to enable users to transfer cryptocurrency to external wallets after launching a new service last year that enables customers to buy, hold and sell cryptocurrency directly from their PayPal account.

Overall, Deloitte polled 2,000 senior executives at U.S. retail organisations between December 3 and December 16, 2021. The participants were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services and transportation sectors.


In other news, a new report by Messari and Dove Metrics has found that $30 billion was raised from 1199 funding rounds in the first half of this year, outpacing the entire year of fundraising in 2021. The centralised finance (CeFi) sector received a third of the total funds raised, while decentralised finance (DeFi) saw $1.8 billion in funding.

Meanwhile, Venture Capital (VC) investments in the space have reached $18.3 billion so far this year, which is nearly triple the amount invested in 2020 and also on pace to surpass 2021’s record of $32.4 billion, according to Steven Alexopoulos, an analyst at JP Morgan. With such developments in mind, it is clear that the cryptocurrency industry is set to expand further, with increased adoption setting the stage for future growth.

Bitcoin Retreats From the Upper Boundary of an Uptrend Channel

Bitcoin has lost 2.1% in the past 24 hours, pulling back to $22.9K. Ethereum has fallen 6.5% over the same period, to $1580. Top altcoins fell from 2.7% (XRP) to 12% (Polkadot).

Total cryptocurrency market capitalization, according to CoinMarketCap, fell 3.7% to $1.05 trillion during the day. The cryptocurrency Fear and Greed Index fell further to 31 by Tuesday morning, marking the exhaustion of last week’s bullish momentum.

Although BTCUSD formally rewrote local highs at the end of last month, as in two other episodes since early July, price gains are quickly losing momentum, and the surge is followed by selling pressure.

Crypto Dynamics

These cryptocurrency market dynamics point to a continued impressive cryptocurrency supply overhang, although Bitcoin confirmed the upward channel in July. The rate is potentially heading towards the channel’s lower boundary, which now coincides with the 50-day moving average and passes near $21.7K.

A decisive dip below $21.0K would be evidence of a break of this upward consolidation and could trigger a true market capitulation. For now, however, there are more signs that the market is gradually warming to buying.

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Popular Opinions

According to CoinShares, net capital inflows into crypto funds last week amounted to $81 million, of which $85 million came from BTC investments. At the same time, investments in funds, which allow opening shorts on bitcoin, decreased by $2.6 million. The total monthly inflow in crypto funds for July amounted to $474 million and was the highest in the current year.

Capriole Investments noted that the past two months had seen a capitulation in many of the most critical metrics for bitcoin. This is a great time to invest in BTC and digital assets. The crypto fund expects the next 6-12 months to provide the best opportunity to enter this market for years to come.

MineXMR, the largest mining pool in the Monero ecosystem, announced its closure on 12 August. In February, Monero community members were concerned about the concentration of mining capacity in the MineXMR pool, which carried a potential 51% attack risk.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

XMR Price Prediction: Is There Upside to Come?

Key Insights:

  • XMR reached a high of $153.09 on July 20.
  • The daily simple and exponential moving averages are giving mostly buy signals.
  • XMR currently ranks 28th in the list of cryptocurrencies worldwide by market capitalisation at $2.7 billion. 

XMR, a privacy-oriented cryptocurrency that provides total anonymity for its users, rallied 2.15% today.

On July 20, the coin reached a high of $153.09 after trading as low as $124.67 just six days earlier — a 22% surge.

Monero, like other privacy cryptocurrencies such as Zcash (ZEC), aims to address privacy weaknesses in Bitcoin (BTC). As such, XMR uses ring signatures to mix the digital signature of the individual making a transaction with the signatures of other users before recording it on the blockchain. This allows users to send and receive transactions in an untraceable manner.

Price Action

XMR started its journey on May 25, 2014 at $2.2689. However, the token did not start gaining traction until 2017 when it reached the $140 level on August 31, before closing the year at a high of $377.

Its price then corrected sharply, falling to $179.49 on February 5, 2018 and then to $169.16 on April 11. By June of that year, the token had plummeted to the $110 level.

Following this, the coin remained largely in a downtrend until February 2021 when huge volume pushed the price past the $270 mark, with a further rally on May 7 driving it to $517.62 — XMR’s all-time high (ATH) price thus far. A strong correction followed and Monero fell to $196.41 on July 21 – a 62% drop in the span of two months.


XMR weekly price chart
XMR 210722 Weekly Price Chart

XMR has performed better than top cryptocurrency Bitcoin this year which has plunged over 50% year-to-date. XMR opened the year at $228 and is now down 35.4% to $149.4.

XMR’s price action crossed above the Fibonacci retracement line briefly today as it rose above its 50-day moving average (MA) for the first time since May this year. In addition, the coin’s latest uptrend has been supported by strong trading volume which has reached a four-week peak in the last 24 hours at $204 million.

Monero is currently trading at $150.74 and ranks 28th in the list of cryptocurrencies worldwide by market capitalisation at $2.7 billion. Despite a brief rally today, the coin is still down 70% from its all-time high price.


XMR daily price chart
XMR 210722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on XMR is neutral, with 18 indicators displaying bullish signals compared to 12 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 63.9.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

As it currently stands, XMR is approaching overbought territory but still has some way to go before the RSI extends above 70.

Top 3 Trending Coins: DOGE Slides Under $0.07 But Bulls Remain Hopeful, SOL Trails Behind, XMR Rallies

Key Points

  • Dogecoin is the underperforming top 20 cryptocurrency and is back below $0.07, though maintains a positive short-term technical outlook.
  • Solana is another underperformer, though has help above $40 and key support, also suggesting of a positive short-term outlook.
  • Monero is bucked the trend of broad crypto weakness as bulls target a rally towards the 200DMA.

Dogecoin (DOGE)

Dogecoin is the worst performing cryptocurrency in the top 20 by market capitalization on Thursday over the past 24 hours, according to CoinMarketCap. Over this time period, the cryptocurrency has fallen about 9%. DOGE/USD was last changing hands just below $0.069, a near 11% drop from the multi-week peaks it hit on Wednesday above $0.077.

Despite the recent pullback from highs, Dogecoin still looks good from a technical perspective. It found support earlier in Thursday’s session at its 50-Day Moving Average in the $0.0670s and also remains above its 21DMA. Moreover, much of Dogecoin’s upside on Wednesday was spurred amid a breakout above a downtrend that had been capping the cryptocurrency’s upside since mid-May.

DOGE/USD has remained above this downtrend, which is now acting as support, on Thursday, despite the recent pullback. Short-term speculators may see Dogecoin as an attractive buy at current levels. They may want to target a move back to weekly and late-June highs in the $0.077-$0.079 area over the coming sessions.

DOGE/USD rebound to recent highs on the cards? Source: FX Empire

A break above here could open the door to a run higher towards some highs from May/early June in the $0.090-$0.095 area and then a test of $0.10. But a breakdown back below the 50 and 21DMAs would deal a significant blow to short-term bullish hopes and signify that Wednesday’s move higher could have been a false breakout.

Tesla Sells Bitcoin But Not Dogecoin

In a call with investors following the release of Tesla’s Q2 earnings report, CEO Elon Musk confirmed that Tesla had sold down 75% of its Bitcoin holdings for $963 million. Musk said “the reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the COVID lockdowns in China would alleviate”.

“It was important for us to maximize our cash position, given the uncertainty of the COVID lockdowns in China”, Musk continued, adding that Tesla is “open to increasing our Bitcoin holdings in future… So this should not be taken as some verdict on Bitcoin”.

Tesla first purchased Bitcoin back in Q1 2021, buying $1.5 billion at the time.

However, Musk said “we have not sold any of our Dogecoin… we still have it”. The company has been accepting Dogecoin as a form of payments for its merchandise since late 2021, with Musk having championed the coin repeatedly in recent years. SpaceX also accepts Dogecoin as a form of payment for merchandise.

Tesla currently holds $218 million in digital assets, according to its latest earnings report. It is unclear as to how much of this is Dogecoin.

Dogecoin has been volatile in recent months after Elon Musk tendered an offer to purchase Twitter that has since fallen through. Dogecoin HODLers had hoped that Musk would promote Dogecoin as a form of payment on the platform that could have boosted its notoriety and adoption.

Solana (SOL)

Solana is the joint second worst performing top 20 cryptocurrency over the past 24 hours alongside competitor Cardano, according to CoinMarketCap. Over this time period, the native token to the Solana blockchain SOL has slumped roughly 8.0%. It is currently changing hands just above $41 per token, down about 2.0% on Thursday and now down over 13% since earlier weekly highs around $47.50.

However, the cryptocurrency’s near-term technical outlook still looks good. SOL/USD has seen a decent intra-day rebound from earlier session lows under $40. The cryptocurrency bounced from support in the form of the 8 July high and a downtrend that had been capping the price action since early July prior to Monday’s break higher.

SOL also continues to trade well above its 21 and 50DMAs in the $36-$38 area. Short-term speculators may see current levels as attractive to add to SOL longs and target a retest of recent highs in the upper $40s per token.

SOL/USD also eyeing a rebound after holding above key support. Source: FX Empire

Monero (XMR)

Despite the fact that most of the rest of the cryptocurrency market is moving lower amid profit-taking, concerns about further crypto winter casualties and Tesla’s Bitcoin sales, the native token to Monero’s privacy-focused blockchain XMR has continued to gain on Thursday. According to CoinMarketCap, the cryptocurrency is the best performer in the crypto top 50 with gains of around 5% over the last 24 hours.

XMR was last trading just below $152.50 and near its highest levels since 13 June. The cryptocurrency has seen an impressive more than 30% surge since last week’s lows in the $115 area. Its latest surge has seen it break substantially above its 50DMA for the first time since April. Prior to then, the 50DMA had on two key occasions provided significant resistance.

As a result, XMR traders may view the latest resurgence in the cryptocurrency’s price as signalling a shift in near-term momentum. As such, many will now likely target a test of the 200DMA at just under $180 per token.

XMR/USD rally continues as bulls target 200DMA. Source: FX Empire

Crypto Market Daily Highlights – Tesla Inc. Sends the Market South

Key Insights:

  • It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.
  • News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.
  • The total crypto market cap fell by $17 billion to end the day at $1,018 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.

Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.

Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.

On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.

According to the announcement,

“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single  ZK validity proof.”

Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.

On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.

At the time of writing, the NASDAQ 100 Mini was down 39 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 210722 5 Min Chart

The Total Crypto Market Cap Sees Tesla Driven Loss

A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.

Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.

Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.

Crypto market cap
Total Market Cap 210722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.

It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.

ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.

LDO rose by 3.45%, with XMR gaining 3.42%.

Leading the way down, however, were Quant (QNT), Arweave (AR), and Polygon (MATIC).

AR slid by 10.89%, with QNT and MATIC seeing losses of 9.87% and 9.22%, respectively.

Nexo (NEXO), Internet Computer (ICP), and Ethereum Classic (ETC) also struggled.

Total Crypto Liquidations Fall Further to Suggest a Bullish Session

On Thursday, 24-hour liquidations eased again, pointing to more favorable market conditions. While down from levels seen earlier this week, 24-hour liquidations remained elevated.

This morning, 24-hour liquidations stood at $338 million, down from $582 million on Wednesday.

Liquidated traders also eased over the last 24 hours, suggesting better market conditions. At the time of writing, liquidated traders stood at 98,758 versus 104,735 on Wednesday morning.

While 24-hour liquidation levels eased back, one-hour and four-hour liquidations were up from Tuesday.

According to Coinglass, one-hour liquidations stood at $6.90 million, up from $2.84 million on Wednesday. Four-hour liquidations stood at $101.16 million, up from $45.66 million on Wednesday.

Crypto liquidations
Total Crypto Liquidations 210722

The one-hour and four-hour liquidation levels reflected the post-US market close sell-off and the final hour partial recovery. (See hourly total crypto market cap chart below).

Hourly Chart
Total Market Cap 210722 Hourly Chart

Daily News Highlights

  • Tesla Inc. sold 75% of its bitcoin holdings in the second quarter.
  • The UK announced a new financial bill to regulate stablecoins.
  • 21Shares unveiled S&P risk-controlled Ethereum and Bitcoin ETPs.

XMR Keeps the Bulls Alive With a 5.6% Rally As Bitcoin Falls to $20K

Key Insights:

  • Bitcoin returned to the same level it has been stuck at for a month now.
  • Monero reclaimed $130 to prepare for a further rise.
  • Most of the altcoins, however, closed in red today.

The crypto market’s flux continues to impact altcoins as the total value of the market fell to $888 billion at the time of writing. The few ones that made it out were led by Monero, and the rest followed the king coin Bitcoin.

Monero Saves Face

The altcoin has been taking inspiration from the tortoise instead of the hare and is keeping its recovery slow and steady. In the last 22 days, XMR has risen by more than 27% and can be observed trading at $132.3.

In the last 24 hours, the altcoin has noted a 4.23% rise, and it is such small yet significant rises that have placed XMR on the path of gradual but consistent recovery.

This is critical as the cryptocurrency was victim to a 46.2% depreciation during the June crash, which resulted in the asset falling below $100.

At the time of writing, the price indicators are clearly flashing bullish signs, with the Bollinger Bands keeping close, highlighting low volatility. Plus, with the candlestick above the bias, XMR is set to receive support for further rise.

Additionally, the recovery of the Relative Strength Index into the bullish area is also a clear indication of Monero finding growth in the coming few days, potentially even reclaiming $150 by the end of this month.

Bitcoin Back to the Base Camp

The king coin seems to have established $20k as its new normal since the cryptocurrency has been lingering in this zone for more than a month now.

Beginning in June, Bitcoin first faced the wrath of the bears when the crypto fell by almost 40% in 12 days. Following it, BTC has been stuck in a cycle of consolidation, which keeps bringing the coin back to $20k, hence making it the base camp for the asset.

Trading at $20,579, the king coin does highlight an uptrend with the Parabolic SAR’s white dots sitting underneath the candlesticks. But the high volatility will flip them soon into a downtrend, keeping BTC stuck at this price range.

Backing this up is the MACD indicator which has actually already begun highlighting rising bullishness with the appearance of red bars.

If a bearish crossover does take place, it won’t persist for long since BTC is in consolidation, not a dip. For a while, until the broader market and world economy improve, Bitcoin will continue this pattern of movement.

Top 3 Trending Coins: XTZ, XMR Rally Despite Risk-off Market Tone, Eye Bullish Breakouts as APE Struggles

Key Points

  • Crypto trading conditions have been subdued since the start of US trade, with most major currencies nursing weekend losses.
  • Tezos and Monero are bucking the bearish headwinds from the broader market and eyeing ascending triangle breakouts.
  • Apecoin, conversely, is an underperformer following a bearish pennant breakout and is back under its 21DMA.

Market Update

Cryptocurrency market trading conditions have been subdued since the start of the first US session of the week. Most major major cryptocurrencies are trading close to session lows and with substantial losses versus last week’s highs, though at the same time trade higher versus recent lows.

Bitcoin and Ethereum, the largest two cryptocurrencies by market capitalization were last trading lower by about 2.5% each over the last 24 hours, according to CoinMarketCap. BTC/USD was last changing hands just under $20,400, whilst ETH is around $1,140 per token.

Cryptocurrency prices are being weighed by a distinctly risk-averse tone to macro trading conditions. Major stock indices in the US and Europe are trading lower (the Nasdaq 100 is down 1.9%), after a negative session for Asia equities. The risk aversion has also driven downside in government bond yields and upside in the safe-haven US dollar. US 10-year yields were last down about 11 bps to back under 3.0% while the DXY hit fresh multi-decade highs above 108.00.

What’s Hurting Risk Appetite?

Analysts are citing a combination of factors on weighing on risk appetite. US banks kick off the start of the US earnings later this week and investors are nervous that current earnings estimates might be overly optimistic.

Meanwhile, last week’s strong US jobs and service sector activity survey data, whilst easing near-term recession fears, is being cited as a negative for sentiment as it might encourage the Fed to continue tightening monetary policy in an overly aggressive way.

Upcoming US data releases later this week will decide whether the Fed raises interest rates by 50 or 75 bps later this month. June Consumer Price Inflation (CPI) data is out on Wednesday and June Retail Sales data is out on Friday. Traders will recall an upside surprise in the May CPI data sent risk assets into a tailspin after forcing the Fed to up the pace of rate hikes to 75 bps from 50 bps per meeting.

Profit-taking ahead of macro risk events is thus also being cited as a factor weighing on risk assets like stocks and crypto on Monday.

Tezos (XTZ)

The native token to the Tezos blockchain XTZ was last higher by about 3.0% on Monday, extending its gains over the past three sessions to more than 9.0%, despite most other cryptocurrencies having fallen over that some time period. According to CoinMarketCap, XTZ is the best performing cryptocurrency in the top 50 by market cap over the last 24 hours, with gains of over 7.0%.

However, XTZ looks to have run into a key area of short-term resistance. At current levels just under $1.70, it is testing its 50-Day Moving Average and its late-June high. Should the cryptocurrency break this area of resistance, the door is open technically speaking to a run higher towards the early-June highs in the $2.35 area.

Given that XTZ’s technicals are looking positive, this is a very possible outcome. The cryptocurrency has been trending higher since the start of the month, consistently posting higher lows and higher highs. It looks to have formed an ascending triangle, a pattern that often forms prior to bullish breakouts.

Of course, ascending triangles can also break out to the downside. If XTZ/USD was to break below the upwards support trendline that has been in play since the start of the month, the door would be open to a swift drop lower towards the 21DMA at $1.50. A drop under that would bring a test of the sub-$1.20 annual lows from mid-June into play.

XTZ/USD potential upside. Source: FX Empire

Monero (XMR)

The native token to the privacy-focused Monero blockchain XMR was last trading slightly higher on the day on Monday, but up about 6.5% over the last 24 hours according to CoinMarketCap. This makes it the second best-performing cryptocurrency in the top 50 of the last 24 hours, CoinMarketCap data shows.

XMR/USD was last changing hands close to the $130 level, having rebounded strongly from its 21DMA at $122 on Sunday. XMR was unable to test a key area of resistance in the $133-$134 region on Monday, but its upside momentum appears strong, meaning an upside break remains highly likely.

Like Tezos’s XTZ, Monero’s XMR appears to have formed an ascending triangle in recent weeks. An upside break (meaning a decisive move above $133) would open the door to a swift test of the 50DMA just under $150.

XMR/USD potential upside. Source: FX Empire

Apecoin (APE)

Apecoin is one of the worst-performing cryptocurrencies of the last 24 hours in the top 50, according to CoinMarketCap. APE/USD is down over 5.0% alone on Monday. At current levels just above $4.50, it has fallen over 9.0% in the last two days from above $5.0 per token.

APE is now down nearly 15% from last week’s highs near $5.30 and is now trading with losses on the month of about 2.0%. Apecoin is suffering as a result of the broader risk-off tone to macro trade, but technical selling appears to also be making things worse.

APE/USD broke below a pennant on Monday that had been in play since late June and also broke below its 21DMA for the first time in a few weeks. Now that these levels have gone, traders will be eyeing a test of support in the form of recent lows around $4.22 and around the $4.0 level.

Should things turn sour for the broader crypto market this week, perhaps due to adverse macro developments, APE/USD could easily test annual lows just above $3.0.

APE/USD possible losses. Source: FX Empire

Bitcoin and ETH Price Prediction: Risk of Downside Break, UNI Could Surge To $8

Key Insights:

  • Bitcoin is slowly moving lower towards the $20,000 support.
  • Ether (ETH) declined below the key $1,160 support.
  • UNI broke a crucial barrier and might surge towards $8.00.


After a few failed attempts near $22,000, bitcoin price reacted to the downside. The price gained pace after it broke the $21,185 support zone.

The price settled below the $21,000 level and the 21 simple moving average (H1). The current price action is bearish below the $20,550 level. On the downside, there is a major support at $20,000. A daily close below $20,000 could start a major decline.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, the price could face resistance near the $20,650 level. The main resistance is now forming near the $21,185 level.

Ethereum (ETH)

ETH also started a bearish wave from the $1,275 zone. There was a steady decline below the $1,200 level and the price moved into a negative zone.

Ether even declined below the $1,160 support and settled below the 21 simple moving average (H1). It is now consolidating above the $1,120 support zone. On the upside, there are many hurdles forming near $1,160 and $1,175.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

There is also a key bearish trend line with resistance near $1,175 on the hourly chart. A close above the $1,175 level could set the pace for a larger increase. On the downside, there is a key support near the $1,120 level, below which the price could restart decline and test $1,040.

Uniswap (UNI)

UNI formed a support base near the $3.35 level after a strong decline. The price remained well bid and started a steady recovery wave above the $4.0 level.

The price climbed above the $5.00 resistance and the 21-day simple moving average. There was a clear move above a crucial bearish trend line with resistance near $5.20 on the daily chart. It even broke the $5.80 resistance, which is now acting as a support.

UNI Daily Chart
UNI Daily Chart by FXEmpire

On the upside, UNI might face resistance near the $6.80 level. If there is a clear move, the price could rise towards the $8.00 barrier or the 50% Fib retracement level of the downward move from the $12.50 resistance zone to $3.35 low.

If there is no upside break, the price could restart decline and test the $5.00 level. The next major support sits near the $4.20 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving lower below the $0.45 support. If the bears remain in action, the price could test the $0.412 support.

BNB is consolidating near the $230 level. The first key resistance is near $235. A clear move above $235 might call for a test of the $250 resistance.

Polkadot (DOT) is back below the $7.0 pivot level. The next major support is near $6.55, below which it might slide to $6.32.

A few trending coins are MATIC, ATOM, and XMR. Out of these, XMR is gaining pace above the $125 resistance zone.

Crypto Market Daily Highlights – BNB and XRP Hit Reverse

Key Insights:

  • It was a bearish end of the week for the crypto top ten, with XRP leading the way down.
  • Following a relatively range-bound Saturday, market uncertainty weighed ahead of several key economic indicators due this week.
  • The total crypto market cap slid by $29 billion to record the third decline in nine sessions.

It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third consecutive day, with XRP leading the way down.

Following the Fed meeting minutes and US nonfarm payrolls, the market focus shifts to US inflation figures this week.

With the numbers due out on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.

Last week, the FOMC meeting minutes highlighted member concerns over the possible impact of rate hikes on the US economy. The uncertainty over Fed monetary policy and the economic outlook likely contributed to some profit-taking.

Through the early part of this week, we expect the crypto market to take its cues from the NASDAQ 100, with no decoupling likely near term.

Crypto - NASDAQ
Crypto – NASDAQ – 110722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was down by 38 points.

The Total Crypto Market Cap Revisits Sub-$900bn

The bearish Sunday session saw the crypto market cap fall from a high of $935.7 billion to a low of $895.8 billion.

While late support limited the damage, the total market cap slid by $28.9 billion to $905.2 billion.

Crypto market cap
Total Market Cap 110722 Daily Chart

The Sunday pullback left the market cap up by $54 billion for the week ending July 10.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

XRP  slid by 5.66%, with ETH seeing a 4.04% loss.

ADA (-3.35%), BNB (-3.62%), BTC (-3.41%), DOGE (-3.18%), , and SOL (-3.53%) also saw heavy losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) led the way, rising by 4.04%.

IOTA ( MIOTA), Monero (XMR), Amp (AMP), Chiliz (CHZ), and Tezos (XTZ) also bucked the broader market trend.

Leading the way down, however, was Internet Computer (ICP) and THORChain (RUNE), which slid by 8.7% and 8.9%, respectively.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations increased through Sunday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $111 billion, up from $59.5 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 39,241 versus 23,346 on Sunday.

However, four-hour and One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $0.586 million, down from $1.60 million on Sunday.

Crypto liquidations
Total Crypto Liquidations 110722

Daily News Highlights

  • In the second quarter, crypto ATM installation growth slowed dramatically.
  • Polygon (MATIC) CEO Ryan Wyatt talked of Terra-based projects migrating to the Polygon network.

Crypto Market Daily Highlights – ADA, BTC, ETH, and SOL Extend Losses

Key Insights:

  • It was a bearish Friday session for the crypto to ten, with Cardano (ADA), bitcoin (BTC), Ethereum (ETH), and Solana (SOL) extending their losing streaks to six sessions.
  • The crypto market tracked the NASDAQ 100, which eked out a 0.90% gain, before a post-US close sell-off.
  • The total crypto market cap fell for a sixth consecutive day. A $19.6 billion fall left the market cap at $846.2 billion.

It was a bearish start to the month for the crypto market. Bitcoin (BTC) extended its losing streak to six sessions, with Cardano (ADA), Ethereum (ETH), and Solana (SOL) also seeing red for six consecutive days.

While there were no catalysts to send the crypto market into the red, news of the EU agreeing to a comprehensive regulatory framework may have tested support. A bullish start to the Friday session was short-lived, with a choppy session in the US equity markets leaving the crypto market on the back foot.

On Friday, the NASDAQ 100 rose by 0.90% to end the week down by 4.13%. Monday through Friday, bitcoin fell by 8.48%.

A late Friday relief rally provided crypto support before a post-US market close sell-off. Fears of a recession and investor sentiment toward monetary policy continued to weigh.

US economic data added to the bearish sentiment. In June, the ISM Manufacturing PMI fell from 56.1 to 53.0 versus a forecasted decline to 54.9.

Crypto tracks NASDAQ before sell-off
Total Market Cap – NASDAQ – 020722 5 Min Chart

The Total Crypto Market Cap Falls for a Sixth Consecutive Day

A choppy session saw the total crypto market cap rise to a high of $894.2 billion before sliding to a low of $835.1 billion.

Finding support from the late NASDAQ rebound, the crypto market cap revisited $862 billion before hitting reverse.

$19.6 billion came off the table to leave the market cap at $846.21 billion.

Crypto market cap takes another hit.
Total Market Cap 020722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

On Friday, DOGE broke the top ten crypto trend, rising by 0.24%.

However, it was a bearish session for the rest of the top ten. XRP slid by 5.72% to lead the way down, with BTC falling by 3.31%.

ADA (-2.61%), BNB (-1.41%), ETH (-1.17%), and SOL (-2.71%) also struggled.

From the CoinMarketCap top 100, Basic Attention Token (BAT), Curve DAO Token (CRV), Cosmos (ATOM), and Monero (XMR) also saw gains on the day. CRV led the way, rallying by 8.55%.

Total Crypto Liquidations Reflect the Bearish Market Sentiment

24-hour liquidations reflected improving market conditions going into the weekend.

This morning, 24-hour liquidations stood at $107 million, down from $248 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,758 versus 83,723 on Friday morning.

One-hour liquidation figures supported the downward trend in liquidated traders.

According to Coinglass, one-hour liquidations stood at $2.44 million, down from $3.14 million on Friday. A return to sub-$1 million would support a bullish session.

Crypto liquidations
Total Crypto Liquidations 020722

Daily News Highlights

  • BnkToTheFuture unveiled three proposals to save Celsius from bankruptcy.
  • The EU agreed on a comprehensive crypto regulatory framework.
  • El Salvador took a bigger bite into the crypto market by purchasing 80 BTC.

Crypto Market Daily Highlights – June 14 – BTC and ETH See Red

Key Insights:

  • Crypto market conditions calmed on Tuesday, with the broader market ending extended losing streaks.
  • Ethereum (ETH) bucked the trend, falling for an eighth consecutive day, with bitcoin (BTC) also seeing red.
  • The choppy session saw the total crypto market cap fall by $69 billion to a new current-year low of $858.7bn before late support kicked in.

It was a mixed session for the crypto market on Tuesday. While the broader crypto market ended an extended losing streak, the bitcoin (BTC) fell for an eighth consecutive day.

The eighth day in the red saw bitcoin fall to a new current-year low of $20,838 before a partial recovery to $22,000. Bitcoin last stood at sub-$21,000 in December 2020.

Helium (HNT) was a front runner, while Monero (XMR) and Tron (TRX) saw heavy losses.

Dip buyers delivered much-needed support ahead of the Fed’s monetary policy decision on Wednesday, which has weighed on the crypto market.

Crypto Market Cap Slides to sub-$900 Billion

Following Monday’s $130.6 billion wipeout, the total crypto market cap fell by just $3.6 billion on Tuesday.

Significantly, however, the market cap fell to a new current-year low of $858.6 billion before returning to $900 billion. Tuesday’s decline marked the eighth consecutive daily fall.

Crypto market cap falls again.
Total Market Cap Daily Chart 150622

For June alone, the total crypto market cap is currently down $379 billion, following a $380 billion tumble in May and a $375 billion slump in April.

While the crypto market found support on Tuesday, downside risks remain as the market looks ahead to the Fed monetary policy decision on Wednesday.

The markets have priced in a 50 basis point rate hike. A hike in line with expectations would leave investors to focus on the Fed’s inflation, GDP, and interest rate projections.

Investor fear of a more aggressive rate path trajectory has hit riskier assets. An upward revision to the March projections will likely further test the appetite for riskier assets.

Other market considerations include plans to roll out more stringent regulatory measures and the stability of stablecoins.

On Tuesday, TRX came under selling pressure as investors reacted to algorithmic stablecoin USDD losing its dollar peg. TRX slumped by 12.9% on Tuesday, following a 16.1% slide on Monday.

From the top ten cryptos, ADA (+3.88%), SOL (+3.46%), and XRP (+3.41%) led the way.

BNB (+0.09%) and DOGE (+2.69%) also found support.

BTC slid by a further 1.58% to lead the way down, however, with ETH ending the day with a 0.02% loss to buck the broader market trend.

From the CoinMarketCap top 100, Monero (XMR) joined TRX in the deep red, with a loss of 10.83%.

Total Crypto Liquidations Eased but Remained Elevated

Following Tuesday’s spike, total liquidations eased going into the Wednesday session.

According to Coinglass, 24-hour liquidations stood at $578 million, down from $1,070 million levels on the day prior. While down from Tuesday levels, however, 24-hour liquidation levels remained elevated.

Crypto liquidations ease.
Total Crypto Liquidations 150622

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $7.7 million.

Crypto Daily News Highlights

  • Bank of England Governor Andrew Bailey took another swipe at the crypto market.
  • Crypto investors prep for the Fed monetary policy decision and projections.
  • Tron (TRX) took a hit in response to algorithmic stablecoin USDD losing its dollar peg.
  • Ripple general counsel Stuart Alderoty took aim at the SEC over a muddied regulatory environment.
  • BlockFi was fined $943,000 for failing to register securities in the State of Iowa.
  • While the crypto winter takes its toll on crypto platforms, Ripple Labs, Binance, and Tron announced upbeat plans.
  • CEO and co-founder of Terraform Labs Do Kwon denied cashing out $2.7 billion.

Monero Dips by 14.4% As Bitcoin SV’s 17.8% Rise Leads Altcoin Recovery

Key Insights:

  • Bitcoin SV rallied the highest among all altcoins, with an almost 37.4% rise.
  • Monero led the down-trending cryptos losing almost 11% in 24 hours.
  • On the other hand, the leaders of cryptocurrencies, Bitcoin and Ethereum, remained consolidated.

Most of the investors were expecting green candles across the board on the charts today, however, the crypto market did not lean in their favor.

While a couple of cryptocurrencies marked significant rises, most others continued declining.

Monero Becomes the King

Well, not the kind one would want, but for the last 24 hours, XMR has been leading the altcoins that stuck to the week-long bearish sentiment and depreciated further.

At the time of writing, XMR was trading at $120.39, 11% below the close from the day before. 

In the span of mere four days, the altcoin has plunged by 35.47% from the mark of $183. The coin, which had almost recovered from the crash of May 9, managed to test the 50-day Simple Moving Average as resistance and was on the verge of breaching it.

Doing so would’ve allowed it to turn the SMA into support, maintaining the $200 price point.

However, as the market crashed, the price indicators supporting the rise also switched their directions.

MACD exhibited a bearish crossover just as XMR began declining, and at the time of writing, the bearishness on the indicator is diminishing any chances of recovery.

This could result in the coin further decreasing unless the broader market sentiment turns bullish in the next few hours.

Bitcoin SV, on the Other End of the Spectrum

The Bitcoin namesake and hard fork of the king coin’s hard fork, Bitcoin SV, surprisingly managed to prevent excessive damage during the crash.

The altcoin only noted depreciation for 48 hours as it countered the bearishness over the week, declining by merely 18.65%.

At the same time, in the last 24 hours, it almost not only recovered from the entire downfall but also rallied further ahead. With a 37.44% rally, BSV hit the monthly highs of $63.88 before coming back down to close at $51.28.

This single-day rise triggered an uptrend for the altcoin, which is evident in the Parabolic SAR’s white dots’ position underneath the candlesticks.

Furthermore, the Relative Strength Index (RSI) recovered from falling deeper into the bearish zone by sitting closer to the neutral zone.

Thus if the bearishness does impact BSV’s price action, it would still be far away from slipping into the oversold zone.

Monero (XMR) Tail Emission Upgrade Explained

Key Insights

  • The Monero community decided to include a “minimum subsidy” or “tail emission.”
  • Monero (XMR) will introduce an upgrade dubbed “Tail Emission.”
  • The Monero Tail emission will start at block height 2641623 at 2022-06-09 00:35 UTC.

Monero (XMR) is a blockchain network that puts its primary focus on privacy preservation and has a peer-to-peer (P2P) digital currency known as XMR that is specifically designed to be entirely untraceable and anonymous.

This means that a transaction on top of the Monero blockchain cannot be linked to a specific user or real-world identity.

Tail Emission Plans at Monero: Everything You Need to Know

Monero has revealed plans for a vital Tail Emission upgrade.

Its primary purpose is to provide considerable improvements to the overall network.

Specifically, the upgrade highlights some key considerations, including measures to prevent inflated fees while also boosting the network’s overall security.

Through an official announcement posted on Twitter on May 4, 2022, Monero announced the Tail Emission upgrade.

In the announcement, they revealed that the upgrade would be rolled out at block height 2641623, which at the current mining rate, is set to occur on 2022-06-09 at 00:35 UTC, based on data by

This upgrade will be specifically intended to introduce a 0.6 XMR reward distributed to miners throughout every single mined block.

As the name might imply, this is a “minimum subsidy” upgrade aimed at keeping the fees reasonable and ensuring a lower bound of network security while also enabling dynamic block sizes.

How the Upgrade Impacts Fees

As a means of getting the point across as clearly as possible, Monero, throughout the thread, uses the Bitcoin approach to explain some of the benefits found here.

Specifically, in Bitcoin’s block rewards, block subsidiaries account for 99% of the rewards, while the transaction fee covers the remaining 1%.

A miner could be discouraged instead of incentivized, reducing the network’s decentralization.

Monero’s primary goal is to avoid these issues by implementing a linear fee of 0.6 XMR. This will reduce the over-reliance on the transaction fees and will, as a result, maintain a healthy incentive for miners and will ensure the future of Monero remains decentralized.

The Tail Emissions upgrade will also enable the implementation of what is known as a “dynamic block size” feature. Miners can adjust the block sizes accordingly, which can come in extremely handy in cases where the network might experience an increase in congestion.

The block sizes can also be kept as small as possible under normal conditions.

This upgrade will ultimately lead to better network scalability and the long-term security of XMR transactions.

The Tail Emission Upgrade’s Potential Effect on XMR’s Price: Technical Indicators

On June 8, 2022, Monero (XMR) was trading at $184.70.

Throughout the last 24 hours, the trading volume of XMR/USD increased by 15%.

We can also see that the all-time high point of value for the XMR cryptocurrency occurred on January 9, 2018, when the coin reached a value of $542.33.

We have a clearer perspective that at the current point in time, the token is trading $357.63 below its all-time high value, which is a decrease of 65.94%.

When we look at the coin’s performance throughout the week, we can see that its 7-day low was $181.29, while its 7-day high was at a value of $202.20.

The current resistance point for the XMRUSD cryptocurrency is at $200, and if it manages to break past this barrier, it can climb in value to $250 by the end of June 2020.

However, to keep this momentum, it needs to avoid decreasing under $180, as that could lead to a bearish outlook.

We could also see increased activity in trading the XMR cryptocurrency at cryptocurrency exchanges.

At $184.70, Monero (XMR) looks promising, as with the Tail Emission Upgrade coming out soon, we could see a lot more usage of the network, with a lot more incentives for miners to process transactions, which could indeed allow it to break past $200 in value.

Top 10 Best Altcoin Performers of the Month

Key Insights:

  • While BTC saw a significant pullback in May, some altcoins noted decent price performances.
  • BNB and TRX were among the top performers of last month.
  • TRX’s market gains overshadowed most altcoins’ trajectory.

The year 2022 hasn’t been very fruitful for the global cryptocurrency market cap. Regular reports about the fed hikes, strong correlation with the equities and stock market, and the massive fall of the Terra ecosystem have added to the immense sell pressure faced by bitcoin and altcoins.

While many reasons kept the market moderately bearish throughout the year, bitcoin’s fall down to the $25,800 mark triggered a larger downside for altcoins. As BTC’s price hit $25,000 for the first time after July 2021, most of the altcoins saw massive losses. Nonetheless, some altcoins took advantage of their low BTC correlation and managed to grab the bullish opportunity even during market dips.

From May 1 to May 31, the global cryptocurrency market cap was down by almost 30% losing nearly $543 billion throughout the month. Amid the larger bearish wave, some altcoins stood out due to higher gains throughout May. It was, however, notable that the occasional gains that BTC saw due to external market factors were primarily responsible for altcoins’ short-term rally.

Here are ten altcoins whose performance stood out during the last month:

Binance Coin (BNB)

Binance Coin (BNB), the utility token of global crypto exchange Binance, maintained a relatively better trajectory throughout May despite the larger market’s dramatic fall.

On a shorter time frame chart (4-hours), BNB’s charted a decent recovery after May 14. The coin even managed to make higher highs for most of May.

FXempire, BNB, Crypto
BNB Price Chart | Source: FXEmpire

Notably, BNB started the month at $392, and despite the 45% pullback in mid-May, the coin managed to make its way above the $300 mark. At press time, BNB traded at $301.82, noting 6.40% daily and 7.49% weekly gains.

Ripple (XRP)

The Ripple vs SEC fiasco has put XRP in the limelight over the last year. Despite the bearish market momentum, fundamentals for XRP highlighted that price could see recovery going forward.

Unlike other altcoins, the remittance token is taking its time to recover from the recent lows. XRP’s price was at $0.61 on May 1, but the coin saw a major dip in price towards May mid like the larger market. Nonetheless, the coin’s downtick wasn’t as huge as many other tokens in the market.

FXempire, XRP, Crypto
XRP Price Chart | Source: FXEmpire

Tron (TRX)

Tron’s price trajectory over the last month was nothing short of a wonder. While top crypto assets like BTC, ETH, and others noted price pullbacks amid high selling pressure, TRX charted its own bullish trajectory.

FXempire, TRX, Crypto
TRX Price Chart | Source: FXEmpire

The coin’s price opened at $0.062 on May 1 and rallied to $0.085 by the end of the month. Data from Messari highlighted that TRX’s monthly ROI vs USD was +25.89%, while its ROI vs ETH and BTC was +94.54% and +60.66% over the same time period.

That said, TRX still had a lot of scope to rise in the long term as the coin was down by 70.66% from its all-time high at press time.

Bitcoin Cash (BCH)

Like the rest of the market, Bitcoin Cash followed BTC’s lead when bitcoin’s price dropped. However, the altcoin’s price gained occasional momentum charting decent market gains.

FXempire, BCH, Crypto
BCH Price Chart | Source: FXEmpire

BCH’s price fell by over 35% in May-mid but soon recovered from the price drop gaining almost 15% from the lower price levels. At the time of writing, BCH traded at $191.37, noting 2.41%daily and 0.82% weekly losses.

Stellar (XLM)

XRP’s competitor XLM has had a better ride than XRP throughout the last month. At least, price-wise, XLM’s trajectory saw quite a few notable jumps in May.

FXempire, XLM, Crypto
XLM Price Chart | Source: FXEmpire

Data from Messari, highlighted that XLM’s monthly ROI vs USD was down by 20.02%; however, the altcoin’s ROI vs ETH and BTC was +23.59% and +2.06%.

Monero (XMR)

Privacy tokens like Monero have had a blast in terms of price. XMR often sees decent price pumps when the market is down; the last month was no different. At press time, XMR traded at $195.63 noting 1.45% daily gains and 3.29% weekly losses.

FXempire, XMR, Crypto
XMR Price Chart | Source: FXEmpire

Data from Messari highlighted that XMR’s monthly ROI vs USD was -2.13%. However, the coin’s ROI vs ETH and BTC was +53.97% and +25.08%, respectively. That said, XMR’s 3-month ROI vs USD was +13.49%.

Ethereum Classic (ETC)

ETC’s price opened at $29 on May 1, but it saw decent price pumps throughout the last month owing to BTC’s occasional gains. At the time of writing, the altcoin traded at $22.56, noting 3.34% daily and 6.09% weekly losses.

FXempire, ETC, Crypto
ETC Price Chart | Source: FXEmpire

The ethereum fork’s monthly ROI vs ETH and BTC was +15.65% and +4.36%, respectively. While the coin was still down by 88.26% from its all-time high made in October last year, its price maintained a relatively better trajectory in May.

Decentraland (MANA)

MANA traded at $1.01, noting 5.25% daily and 3.39% weekly losses at press time due to BTC’s price pullback on June 1. However, MANA’s price held well during the last month despite assets losing close to 50% of market value.

Throughout May, MANA saw occasional price pumps giving way to gains.


GMT enjoyed a decent market presence and social attention throughout May, however, due to regulatory issues, the coin’s trajectory has become dull once again. The token registered an almost 10% spike in price during intraday trading on May 30; however GMT token appears to have shed these gains at press time.

GMT traded at $1.03, noting 13.77% daily losses at the time of writing.

Maker (MKR)

MKR’s price was at $1563 on May 1, but like the larger market the DeFi token also saw a significant dip in price towards May-mid. However, MKR’s price rose to as high as $2300 on May 11 and continued the uptrend for a week after giving in to larger market’s sell-side pressure.

MKR’s monthly ROI vs ETH and BTC was +28.19% and +4.13%, respectively.

Top 5 Cryptocurrencies to Watch this Week: BTC, AVAX, TRX, XMR, ETC

Key Insights:

  • The top cryptocurrency, bitcoin (BTC), fell below the crucial $29,000 support.
  • Volatile market conditions and BTC’s minor price upticks gave way to independent altcoin price recoveries.
  • AVAX, TRX, XMR, and ETC were some of the most popular altcoins over the last week.

The weekend saw Wall Street close sharply higher as signs of peaking inflation and consumer resiliency made investors optimistic that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.

Over the last week, the stock market started to show a minor recovery flashing green signals as all three major US stock indexes brought a decisive end to their longest weekly losing streaks in decades.

Notably, S&P and the Nasdaq suffered seven consecutive weekly declines, while the blue-chip Dow’s eight-week selloff was its longest since 1932. While traditional markets turned their trajectory, BTC seemed largely decoupled, which didn’t act in the crypto’s favor.

Bitcoin was down by nearly 3% on the week, while the Nasdaq Composite tech-heavy stock market index was up by close to 3%. That said, data from the United States Commerce Department presented that the personal savings rate fell to 4.4% in April to reach the lowest level since 2008.

Amid traditional markets rebounding, crypto traders worried that worsening global macroeconomic conditions could affect the popularity that risky assets enjoy.

While the crypto market still looked gloomy due to BTC’s rangebound momentum under the $30,000 mark, there was an anticipation of short-term gains for altcoins like AVAX, TRX, XMR, and ETC.

Here are the top five cryptocurrencies worth keeping an eye on over the coming week:

Bitcoin (BTC)

Over the weekend, Bitcoin’s fall below the crucial $29,000 support led to significant market losses. BTC has traded below the $31,000 resistance level for the most part of last week, as price action has stabilized in a tight range.

The rangebound price action points toward an increase in volatility, just like we saw in May beginning. Despite BTC’s negative returns over the last week, the larger market kept a distance from altcoins indicating a lower appetite for risk among traders. It has often been noted that BTC declines less than altcoins in bear market conditions due to its lower risk profile.

Nonetheless, BTC/USD was primed to end the month down around 22%. For now, BTC has the next lower support at $25,000, and if prices fall further, the 200-week moving average at $22,061 could stabilize price action.

FXempire, BTC, Crypto
BTC Daily Price Action | Source: FXEmpire

Relative strength index (RSI) on BTC’s weekly chart was the most oversold since March 2020. As the month-end approached, it was noticeable that May 2022 was the second-worst May in Bitcoin’s history, according to data from on-chain monitoring resource Coinglass.

FXempire, BTC, Crypto, ETC
Source: Coinglass

Avalanche (AVAX)

The recent BTC gains in the shorter time frame provided some momentum to AVAX’s price after the altcoin’s fall to the $23 zone. Ethereum killer Avalanche was one of the hardest-hit coins in the top ten cryptos by market cap over the last week; however, market anticipation for the coin’s recovery was high.

Avalanche’s native token, AVAX, was down by close to 20% over the last week despite the 13% gains presented on Saturday. At the time of writing, AVAX traded at $25.42, noting merely 1% gains on the daily chart.

FXempire, AVAX, Crypto
AVAX Daily Price Action | Source: FXEmpire

For AVAX’s price to gain some market momentum, the first resistance lies at the $27 mark, which could be critical to the coin’s bullish trajectory. Once the $27 mark is breached, AVAX could hit the $35 resistance if enough market pressure is built by bulls.

Tron (TRX)

As highlighted in a previous FXEmpire article, Tron’s TRX token has been one of the best performing top projects in terms of price gains over the last month. Notably, every non-stablecoin cryptocurrency in the top ten by market capitalization collapsed by more than 15% in the month-to-date, while TRX was up nearly 30%.

That said, TRX’s price has risen 7% year-to-date, while BTC was down almost 38% in 2022, and ETH’s price has slumped by nearly 50%. However, owing to BTC’s negative momentum, at the time of writing, TRX traded at $0.07972, noting a 2.59% decline over the last 24-hours.

FXempire, TRX, Crypto
TRX Daily Price Action | Source: FXEmpire

Nonetheless, TRX was still up by 3.46% on the weekly. TRX’s exciting trajectory and ecosystem-centric developments could play a key role in the coin’s uptrend going forward.

Monero (XMR)

Privacy tokens have often turned bullish in response to larger market sell-offs. Monero, at press time, traded at $183.01, noting 2.78% daily gains and 1.52% gains on the weekly chart. The coin had recovered substantially from the May-mid lows of under $170.

XMR has held the psychological support at $175, which aided the coin’s rise over the last couple of days. While RSI for XMR had recovered from the oversold zone and highlighted that buyers were gaining momentum.

FXempire, XMR, Crypto
XMR Price | Source: FXEmpire

RSI’s slight uptrend on XMR’s daily chart reinforced positive market momentum. However, sellers still dominated buyers.

In the short term, a recovery above the $200 resistance would be crucial for XMR. However, if the market turns bearish again, XMR could fall back to the $145 zone.

Ethereum Classic (ETC)

As reported earlier by FXEmpire, ETC saw four consecutive green daily candles from 21 May to 24 May, owing to the substantial accumulation during the weekend. However, with a market downturn on May 25 and 26, ETC’s price fell to as low as $20.

Nonetheless, ETC bulls pushed the coin from around the $20 price range to a weekly high of $25.69. ETC noted considerable resistance around the psychological resistance at the $25 mark.

The altcoin traded at $23.07, noting 1.11% daily and 11.46% weekly gains despite the larger market’s bearish momentum.

FXempire, ETC, Crypto
ETC Price | Source: FXEmpire

Notably, the $25 price range has acted as a substantial support range for ETC even in the past. A push from bulls above the critical resistance at $25 in the near term could aid some positive momentum to the token’s price.