The cryptocurrency market is flat over the past 24 hours, though not for lack of volatility. The price of BTC is down 2.1% across global exchanges during that time frame, but the total crypto market capitalization is only down a negligible 0.1%. The foremost altcoin, ETH, is up a slight 0.3% as most major altcoins have experienced muted gains or mild losses.
All eyes today are on the United States House Financial Services Committee’s hearing of testimony from major executives in the country’s cryptocurrency industry, including FTX CEO Sam Bankman-Fried. These kinds of hearings generally lead to choppy and volatile price action — and the price of BTC is currently reflecting that fact after flash pumping from below 49,000 USDT to above 51,000 USDT.
In other news, Visa has announced its new cryptocurrency advisory unit, which will occupy a place in the payments behemoth’s wider consulting and analytics division — and largely signals increased corporate interest in the sector.
DeFi Digest: Enso Finance plans vampire attack
The decentralized finance world is currently somewhat infatuated with DeFi tool Enso Finance’s planned vampire attack on six DeFi index platforms — specifically, Index Coop, TokenSets, dHedge, PowerPool, PieDAO and Indexed Finance. According to the project’s official website, the vampire attack will take place tomorrow.
A vampire attack is essentially when one project attempts to steal another project’s users — often by way of forking code — through increased incentivization. In the case of Enso Finance, the platform is purported to offer a gamified dashboard and a slew of features, though it remains to be seen if users of the attacked platforms will actually migrate.
Top altcoin gainers and losers:
- MCO/USDT +88.12%
- GF/USDT +36.92%
- MOVR/USDT +32.56%
- ITC/USDT -8.33%
- HDAO/USDT -8.84%
- INT/USDT -12.20%
The top-performing altcoin on OKX today is Crypto.com’s MCO, while EOS is the large-cap altcoin seeing the largest gain at over 15%. Conversely, BSV has pulled back more than 5% following a surge coinciding with high-profile court decisions in favor of its creator, Craig Wright.
BTC technical analysis: Chopping against resistance
The price of BTC almost perfectly rejected off of the 0.382 Fibonacci retracement level yesterday and is currently struggling to overcome resistance in the form of the four-hour ribbon of exponential moving averages. With everyone watching the testimony in front of U.S. legislators today, many traders will be sitting on their hands and waiting out any potential volatility at these uncertain levels.
ETH technical analysis: Grinding higher against BTC
ETH continues to grind higher against BTC after setting a new long-term high. The four-hour EMA ribbon continues to act as support — and a continued melt-up could see the leading altcoin reach a valuation of 0.1 BTC per coin.
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