Led by ETH and DOT, crypto market pushes higher
OpenSea insider trading news goes mainstream as ETH makes a push
Though price action in the cryptocurrency market today has remained somewhat subdued, AVAX has surged.
The global cryptocurrency market capitalization is up a modest 1.4% over the past 24 hours, thanks primarily to altcoins. While the price of BTC remains virtually unchanged, the price of ETH has increased by 3.6%. Meanwhile, Avalanche's AVAX is up 22.1% — bringing its seven-day increase up to 77.2%.
Though it's been a relatively slow day for the blockchain and cryptocurrency industry on the news front, China is doubling down on its cryptocurrency mining ban. The Development and Reformation Commission of China's Inner Mongolia made known its hiring of a contractor — Inner Mongolia Mengze Engineering Management Limited — to hunt down illegal mining operations.
With much of Bitcoin's mining power having already left China, some in the industry are viewing this as merely a show of power by Chinese authorities — especially given the budget of $46,000, which is currently less than 1 BTC.
NFT Snapshot: OpenSea insider trading goes mainstream
After admitting to insider trading by an executive at the project, OpenSea has gone mainstream — for the wrong reasons. The news has been picked up by mainstream media today, with CNBC, the Guardian, BBC, MSN and others reporting on the discovery.
Amid the controversy, OpenSea is rolling out its dedicated app on Google Play and Apple App Store — a welcome addition for users long looking for a mobile experience.
Top altcoin gainers and losers: AVAX outperforms, FTM fails
- DYDX/USDT +40.62%
- WNCG/USDT +29.32%
- MASK/USDT +19.72%
- DEP/USDT -12.07%
- BABYDOGE/USDT -12.99%
- KAR/USDT -13.18%
The top-performing large-cap altcoin on OKEx today is AVAX, which is up more than 14% — per the exchange's default time settings. No other cryptocurrency with a market capitalization greater than $1 billion is up by double-digit percentages.
On the opposite end of the spectrum, Fantom's FTM is the biggest loser among large-cap altcoins after dropping more than 6% following yesterday's big gain.
BTC technical analysis: Looking to test 50,000 USDT
The price of BTC has regained the wide resistance zone it has been attracted to for weeks and looks intent on testing the zone's upper boundary. Underneath is the four-hour ribbon of exponential moving averages, which may provide support on the way up. Breaking above the zone would be taken as a highly bullish development and could spur on a wave of buyers.
ETH technical analysis: Breaking out against BTC
ETHBTC defied a generally bearish pattern and broke to the upside of a descending triangle. The four-hour EMA ribbon is now underneath the current price and may assist in providing support for a move higher.
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