What Changed in Crypto Markets While You Were Sleeping — June 8

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In Brief
  • Bitcoin has broken down from a symmetrical triangle.

  • Arweave (AR) is up 27% on the day despite a massive market rout.

  • The US DOJ has seized $2,3 million in BTC that was paid from the Colonial Pipeline ransomware attack.

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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

On June 7, Bitcoin (BTC) broke down from a symmetrical triangle that had been in place since May 19.

It’s likely in the process of completing the fifth and final wave of a bearish impulse that could take it below $30,000.

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BTC had been trading inside a symmetrical triangle since May 19. After consolidating for nearly a month, it finally broke down from the pattern on June 7. 

So far, BTC has reached a low of $32,351. The closest support area is near $27,000, created by the 0.618 Fib retracement support level.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap took a more-than 9% dive in the past 24 hours to the $1.5 trillion level. This is the lowest market cap reached so far in the month of June. Apart from stablecoins, nearly every asset in the top-100 is in the red today.

There are only two cryptocurrencies that have had positive price moves today. Arweave (AR) is up 27% on the day, while Theta Fuel (TFUEL) is up nearly 18%.

On the other hand, BakeryToken (BAKE) is seeing the worst of the market rout. BAKE is down 20% in a move to the $3.15 price point and has nearly fallen out of the top-100 cryptocurrencies by market cap.

In other crypto news

  • The U.S. Department of Justice has recovered $2.3 million in bitcoin from the DarkSide ransomware attack on the Colonial Pipeline infrastructure.
  • A governance poll has been launched on the MakerDAO decentralized lending platform regarding the inclusion of different types of collateral beyond the realms of crypto.
  • MicroStrategy (MSTR) announced Monday its plans to raise $400 using debt offering in order to purchase more bitcoin (BTC). 

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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