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What Changed in Crypto Markets While You Were Sleeping — June 4

·2 min read

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

Bitcoin had been trading inside a symmetrical triangle since reaching a local low on May 19. On June 3, it managed to break out, reaching a high of $39,476 shortly after.

However, it has been decreasing since, falling back inside the triangle (red icon).

While the MACD and RSI are still bullish, they are both at critical points. A continued decrease would cause them to turn bearish.

BTC Triangle

Altcoin movers

Despite some bullish momentum building in the cryptocurrency markets yesterday, the total market cap is back down to $1.63 trillion. Aside from a few outliers, every cryptocurrency in the top-100 is in the red today. Dogecoin (DOGE) has fallen back to the #6 spot in a 14% loss on the day while Cardano (ADA) now occupies the fifth rank.

Filecoin (FIL) is doing the best at the moment. It’s up by over 25% on the day and is trading for just under $90. FIL is also up nearly 30% in the past week.

Although many cryptocurrencies are experiencing double-digit percentage losses on the day, Zilliqa (ZIL) is the biggest loser so far. ZIL is down almost 16% on the day and has fallen back to the #65 ranked position.

In other crypto news

  • JPMorgan Chase has added several new positions related to cryptocurrencies and will expand its crypto services in the merchant and consumer payments space.

  • Impossible Finance plans to build a multi-chain ecosystem for promoting the growth of DeFi liquidity and composability on Binance Smart Chain.

  • Peer-to-peer (P2P) marketplace Paxful announced the official launch of a new e-commerce solution called Paxful Pay. Paxful Pay will allow businesses worldwide to start accepting bitcoin as payment.