Crypto Market Round-up: Bitcoin Reacts to Amazon’s News

After grazing a high of $40,550 on Monday, Bitcoin settles at the $37,000 range the following day. It closed Monday at the price mark of $37,237 as the rally to $40k could not be maintained, after creating an upper wick (red icon). 

Notwithstanding, technical indicators are bullish. While the Stochastic oscillator has made a bullish cross, the Relative Strength Index is beyond 50. Additionally, the Moving Average Convergence Divergence is tending upwards and is almost at the positive region. 

Bitcoin made the Monday move after a report emerged that e-commerce Amazon has plans to integrate Bitcoin payments on its platform. Following the report, the crypto market moved in an upward direction leading to speculations of a bullish trend. However, this party crashed after Amazon came out to debunk the claims.

Altcoin Gainers

While prices began to drop, the entire market capitalization retraced from a $1.57 trillion high it registered on Monday, down to $1.52 trillion by 3%.

Among all altcoins, $AXS has regained its strength, moving by 27% to a high of $51 on Tuesday. As of July 26, the DeFi token declined to the depths of $40 by almost 2%. Alice is also leading the altcoins’ move, leaping 32% to the price point of $13.8. 

SwissBorg (CHSB) is another gainer, recording a day-increase of 13% and finding a place among top 100 cryptocurrencies for the day. From the past week, the token is up 40% 

Other Crypto Updates

E-commerce platform Shopify has now integrated non-fungible tokens (NFTs) on the platform, allowing merchants to sell NFTs. In light of this, NBA launched a NFT collection titled ‘Legacy Collection.’

Binance Smart Chain (BSC) also launched a $10 million bug bounty program to up the ante on security in view of the numerous exploits and hacks DeFi protocols have been facing since 2020

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts