Crypto roundup: Synthetix up, KuCoin down, Bitcoin hanging around
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Bitcoin and Ethereum briefly flirted with upwards action overnight, but ultimately took a cold shower, shrivelling most of the crypto market back down (-2.1% in the past 24 hours) to all-too-familiar territory.
It probably comes as no surprise to most that the top two cryptos are still peddling in the range-bound lanes they’ve been in for a number of weeks now.
Bitcoin at least looked like it might crack the US$35K mark at one point but strong resistance levels between $34K and $37K are still doing their thing. At the time of writing (3am AEST) the orange coin was trading at about US$33,200.
Ethereum, despite plenty of positive sentiment for its upcoming hardfork and improvement protocol (EIP-1559), also seems limp right now, changing hands for US$2,048, down 4.3% in the past 24 hours.
Perhaps it’s all got something to do with the GBTC shares unlocks kicking in this week.
Still, Aussie defi champ Synthetix has at least been something to write home about lately, hitting a one-month high of $13.76 before coming back down to earth somewhat (around $12.50) with the rest of the market.
Some fundamental reasoning for the strong SNX price action over the past couple of days can be put down to an update from founder Kain Warwick. The Ethereum-based synthetic-asset platform is set to launch its highly anticipated layer 2 exchange in the week beginning July 26, using Optimistic Ethereum technology.
Just published a small update, some of you may have been waiting for… https://t.co/PwWMOihQqS
— kain.eth (@kaiynne) July 10, 2021
Online reviews platform Revain was the biggest top 100 mover overnight, the number 89 crypto on CoinMarketCap was up 12.39% and trading at $0.007693.
Meanwhile, NFT play-to-earn project Axie Infinity soared as high as $19.26, continuing recent good form, and was still looking relatively strong at $18.20 at time of writing.
KuCoin Token (KCS), Terra (LUNA) and Decentraland (MANA) were the three biggest losers in the top 100 overnight. KCS was hit hardest, down 10.69% – perhaps due to natural sell-off after its rally over the past week related to traction around monthly token burning.