What Changed in Crypto Markets While You Were Sleeping — June 16

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In Brief
  • Bitcoin reached a local high near $41,330 before pulling back slightly.

  • SHIB is up 24% in the past 24 hours.

  • The Minister of Labor in El Salvador clarified a few points of confusion on the country's bitcoin adoption initiative.

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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

Bitcoin reached a high of $41,330 before falling slightly towards the current price of $40,230. The high was made inside the $41,250 resistance area, which is the 0.382 Fib retracement level. 

Despite the drop, technical indicators are firmly bullish. The MACD has reached the positive territory and both the RSI and Stochastic oscillator are increasing. The former is above 50 while the latter has made a bullish cross. Therefore, an eventual breakout is likely.

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If a breakout occurs, the next resistance would be at $44,755. This target is the 0.5 Fib retracement resistance level.

BTC Chart By TradingView

Altcoin movers

Despite some healthy growth in the price of bitcoin (BTC) yesterday, the total cryptocurrency market cap is down slightly to $1.72 trillion today.

In the past 24 hours, no asset in the top-25 has measured any positive gains. Shiba Inu (SHIB) is today’s top gainer. SHIB is up by over 24% in the past 24 hours, moving it back into the #29 rank.

Internet Computer (ICP), on the other hand, is the biggest loser of the day. ICP is down 12% in the past 24 hours and has suffered a total 28% loss in the past week. ICP managed to reach highs near the $500 mark in early May but has since sunk to the $58 level.

In other crypto news

  • A minister from El Salvador’s Labor and Social Welfare department clarified that it is outside his purview to state whether salaries can be paid in bitcoin.
  • The governor of Indonesia’s central bank will prohibit the use of cryptocurrencies as a payment tool, in yet another move by the country to rein in the crypto market.
  • A decentralized finance cross-chain bridge for converting tokens into privacy-focused versions has launched to mainnet on Binance Smart Chain (BSC).

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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