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

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In Brief
  • Bitcoin broke out from a symmetrical triangle but has fallen back inside today.

  • Filecoin (FIL) is up 25% on the day.

  • JPMorgan Chase is hiring for new positions in its blockchain and crypto department.

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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 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). 

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

BTC Chart By TradingView

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.

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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