US GDP Shock Fails to Damper Markets — Crypto Market Daily

US GDP Shock Fails to Damper Markets — Crypto Market Daily

The United States GDP shrank 32.9% in the second quarter — the biggest drop since the Great Depression. However, the market had already been expecting such a result. Stocks in the U.S. ended Thursday’s session in a narrow consolidation pattern. The Nasdaq Composite Index rose a slight 0.30% and the S&P 500 Index fell 0.48%. Gold futures closed down on Thursday after rising for nine consecutive trading days.

Meanwhile, the crypto market is in the midst of a rebound. The total market capitalization rose 2.1% to $335.7 billion. Meanwhile, Bitcoin’s dominance remains at 61.2%, according to data from CoinGecko.

Bitcoin ( BTC) bounced back quickly after testing support at $10,800 and is currently trading around $11,150, as per the OKEx BTC Index price. At the same time, large-capitalization coins generally outperformed BTC. Ether ( ETH) surged 5.62% in the last 24 hours and hit another recent high of $343 yesterday at around 8:00 pm UTC.

Litecoin ( LTC) has maintained a good pace and is up 3.79%. LTC is one of the best performers among large-capitalization coins over the last 30 days, having surged more than 25%.

The price of Chainlink ( LINK) spiked again, rising 7.87% and returning to the $7.80 level.

In the decentralized finance arena, we have seen some good recoveries among top projects. Bancor ( BNT) rallied 30% in the last 24 hours. Meanwhile, yearn.finance (YFI) rose 5.5% and jumped above the $4,400 level.

Overall, the cryptocurrency market remains in an optimistic mood, and pullbacks have been modest.

Top gainers and losers

Taking advantage of Bitcoin’s rebound, small-capitalization altcoins are breaking out. Vibrate ( VIB) gained 36.13%. ARK, at the same time, rose 12.86%.

The biggest loser today is APIX, which is down 13.70%.

BTC technical analysis

The pullback over the past 24 hours has been minor, with BTC only testing the $10,850 level. Bitcoin is still trading in a range of $10,670 to $11,300. The short-term threshold is located at $10,670 with no change.

On the hourly chart, Bitcoin is moving in an ascending triangle pattern — which could lead to another rally if the price breaks the horizontal resistance line of $11,300. However, the risk of a false breakout still needs to be guarded against, as the current trading volume is low.

Visit https://www.okex.com/

 

Join Geezgo for free. Use Geezgo’s end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>
Did you enjoy this post? Please comment below:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash

 200 

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *