What Happened in the Crypto Markets Overnight? – May 19

What does the crypto market have for you this morning? Indeed, the volatile market fluctuates every moment. Moreover, the market continues to operate even when you are asleep. In that case, let us find out about overnight market updates.

BTC Update

Bitcoin has been declining in value since 14th April. Although tried to maintain an upward trend at some point, the digital asset declined today, May 19. Keep in mind that different factors contribute to the current BTC market nature. A few weeks ago, Elon Musk shared an announcement that saw BTC tumbling for days. That was after the executive said that Bitcoin is harmful to the environment. As a response, Tesla declined to accept BTC transactions on its vehicle purchases.

The People’s Bank of China has also issued a caution against bitcoin payments. In effect, China base institutions are not to accept bitcoin transactions. The officials claimed that virtual currencies cannot serve as real money.

At the moment, BTC is trading at a $39,000 support level.

Though, technical indicators remain bearish. The RSI falls below 30, and the Stochastic oscillator maintains bearish. The MACD decreases and is negative.

Altcoin Movers

The total crypto market capitalization declined to $1.85 trillion. That is a week after reaching its highest record, $2.53 trillion. Almost all cryptocurrencies in the top-100 in market capitalization are red, most of them incurring massive losses.

Internet Computer is the main loser of the day, declining by 26%, trading at $148. With that, the coin no longer ranks top-ten. Internet Computer has declined by over 56% since last week.

SUCHI, MATIC, and FTM remain the top gainers of the day. MATIC seems unbothered with the current market losses, rising by more than 12% since yesterday, and 112% since last week. That makes the asset the biggest gainer in these challenging times in most cryptocurrencies.

Other Cryptocurrency News

Robinhood, a crypto and stock trading platform anticipated to publicize its services in 2021, might unveil its IPO bits next week.

The OCC new head, Michael J. Hsu, stated that the agency would review its past cryptocurrency guidelines.

We have more updates for you. Stay tuned.