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What Changed in Crypto Markets While You Were Sleeping — June 9

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin reached its lowest daily close since January.
  • Bitcoin Diamond (BCD) is up by more than 50% on the day.
  • El Salvador has officially voted to accept bitcoin as legal tender.
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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.

Bitcoin update

On June 7, BTC broke down from a symmetrical triangle pattern, and proceeded to reach its lowest daily close since January.

However, it created a long lower wick and bounced. The wick was similar to those created on May 19 and 23 (green icons). 

Furthermore, there are some bullish signs in place, such as a potential bullish divergence in the RSI

However, the Stochastic oscillator is close to making a bearish cross once again. 

The main support area is found at $27,000, This is the 0.618 Fib retracement support level when measuring the entire upward movement.

BTC Breakdown
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is up slightly from yesterday at $1.52 trillion. Bitcoin is trading up nearly 3% off the news that El Salvador has adopted BTC as legal tender this morning. BTC is back to trading just above $34,000 after closing an almost six-month low of $31,700 yesterday.

Bitcoin Diamond (BCD) is the biggest altcoin mover of the day by far. It’s up 51% in the past 24 hours and has pushed the altcoin into the top-100 by market cap.

Internet Computer (ICP) is today’s biggest loser. It’s down just under 12% in the past 24 hours and down by over 25% in the past week. Although ICP managed to hold itself in the top-10 for some time, it has now slipped back to the #15 position and is trading for $79.86.

In other crypto news

  • The motion to adopt bitcoin as legal tender was passed by a majority congressional vote today in El Salvador. In addition to officially recognizing bitcoin as a currency, Bukele also plans to institute more laws to make the country attractive for crypto enthusiasts.
  • The Commodity Futures Trading Commission chief has declared unlicensed decentralized finance (DeFi) platforms illegal after searching for the term on Google.
  • Cryptocurrencies have become such an issue with police in the United Kingdom that they are asking for more power to freeze digital assets in criminal investigations. 
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.