What Changed in Crypto Markets While You Were Sleeping — June 3

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In Brief
  • Bitcoin is attempting to break out from a symmetrical triangle pattern.

  • OKB is up 28% on the day.

  • Google is lifting its ban on crypto-related advertisements.

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

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Bitcoin update

BTC has been trading inside a symmetrical triangle since reaching a low on May 19. Currently, it’s in the process of breaking out of this pattern.

If successful, the next resistance levels would likely be found at $41,300 and $48,250. These targets are the respective 0.382 and 0.618 Fib retracement resistance levels.

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The MACD and RSI readings support the continuation of the upward movement, as both are moving upwards. The former is above 0 while the latter is above 50.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is at one of its highest levels since the crash on May 13 that took it from $2.05 trillion to $1.27 trillion. It currently stands at $1.75 trillion today amid a recovery in the market.

Every asset in the top-50 is in the green on the day, but OKB is in the lead with a 28% gain. Its market cap has now crossed the $1 billion threshold and is trading for $17.18 at the time of press.

In the top-100 cryptocurrencies, only three have made losses on the day. However, Mdex (MDX) is the biggest loser of the day so far, down by more than 7% and falling to the #81 position. On the bright side, it’s still up by over 26% in the past week.

In other crypto news

  • Google will allow ads related to crypto exchanges and wallets if said entities have registered with FinCEN. The change will come into effect in August 2021.
  • Cybersecurity company Norton has announced a new feature to enable users to safely mine crypto through its platform.
  • Research into decentralized finance (DeFi) yield farming activity has revealed some interesting insights into the most forked smart contract in the industry.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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