Daily Flash | BTC Bounced Back From $18,000, ETH Back To $1,100, Musk Continues To Advocate For Dogecoin

Today's Headline - BTC Bounced Back From $18,000, ETH Back To $1,100

Saturday morning was certainly eventful for the crypto market as BTC and ETH finally broke their key support levels. Bitcoin price fell under $20,000 for the first time since December 2020, reaching press-time lows of $18,700. Ethereum dipped under $900.

However, on Monday both BTC and ETH ascended again above the major support levels - $20,400 and $1,100 respectively.

Currently, BTC price is trading right at its 200-week MA after briefly dipping below the metric during the sell-off on June 14. While a move lower is possible, history suggests that the price will not fall too far below this level for an extended period: CryptoRank report.

Chart of the Day - Bitcoin Puell Multiple has fallen to the lowest levels since the Nov 2018

According to the latest Glassnode on-chain report, the Bitcoin Puell Multiple has fallen to the lowest levels since the Nov 2018 bear market crash.

Miners are currently earning just 39% of their 1yr average USD income.

The Difficulty Ribbon is also compressed, signalling miner stress and potential capitulation is on the horizon.

Influencer of the Day - Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit

Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE).

The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ecosystem with a tweet saying, “I will keep supporting Dogecoin.”

Buzzes of Yesterday - #Tether confirms DDOS attack, #MakerDAO Pauses Aave-Related Lending Activity

NFT Platform Immutable Launches $500M Venture Fund for Web3 Games

Bitcoin uses 56 times less energy than classical system: Valuechain report

India’s largest ever crypto Ponzi scam wipes $12.8 billion from victims

President of Panama shoots down crypto bill citing FATF guidelines

Tether confirms DDOS attack on Tether.io

Voyager Digital obtains loans from Alameda Research to safeguard assets

DeFi Platform MakerDAO Pauses Some Aave-Related Lending Activity

Author: Gate.io Researcher Peter L.
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