In Brief

The total crypto market cap (TOTAL) is bearing the brunt of the Federal Reserve’s hawkish stance in its statements. This impact was also felt on Bitcoin’s (BTC) price, which hit a multi-month low, with Brett (BRETT) following in its footsteps.

In the news today:-

• Coinbase is pressing on for a search of Securities and Exchange Commission (SEC) chairperson Gary Gensler’s emails. The SEC recently rejected the request, calling it an intrusion into a public official’s private life.
• Mt. Gox began repayments on July 5. The defunct exchange announced the BTC and Bitcoin Cash (BCH) repayment initiation a day after moving 47,228 BTC worth $2.7 billion from its cold wallet.

The Crypto Market Is Spooked

The total crypto market cap fell below $2 trillion today, slipping to $1.94 trillion, marking the lowest point in more than four months. The trigger for this decline and for the drop noted in the last three days has been the Federal Reserve’s hawkish stance.

Fed Chair Gary Gensler spoke during the European Central Bank’s Portugal conference, saying,

“The level of debt we have is completely sustainable but the path we are on is unsustainable.”

 

 

 

 

 

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He also stated that the Biden Administration was taking a large risk by running a large deficit. The potential decline in rate cuts due to unfavorable market conditions further fuels the bearishness. These instances act like catalysts for pulling the crypto market down.

Over $300 billion worth of outflows from the crypto market have been noted in the last three days alone.

 

While further drawdown is not expected, TOTAL might end up testing the support of $1.88 trillion before bouncing back toward recovery.

Bitcoin’s Price Takes a Hit

Bitcoin’s price was submitted to the broader market cues, and a sharp decline was noted. In the past few days, BTC has declined from $61,500 to changing hands at $54,500. This also marks the first time the crypto asset has dropped below $55,000 since February end.

This drawdown, while discouraging, was already anticipated by BeInCrypto towards the end of June. The double top formation suggests that the drawdown could potentially pull BTC down to $50,980, which is not far away at this point.

If Bitcoin’s price were to fall to $50,980, it would show a 17% drawdown from the neckline at $61,483.

BRETT Takes a Big, Bearish Bite

Meme coin Brett surprised the market, first for its immense growth between May and June. The same meme altcoins have nearly frightened the market with a 24% drawdown in the last 24 hours alone.

The altcoin’s trading price is $0.112, hovering above $0.100. Any further push will send it crashing down the daily chart.

But if the altcoin falls below $0.45, it could enter a bearish limbo, from which recovery would become extremely difficult.