Why Is the Crypto Market Down Today?
In Brief
- The total crypto market cap lost over $50 billion amidst the concerns around the arrest of Telegram CEO Pavel Durov.
- Bitcoin’s price failed to breach the $65,300 resistance level, falling back down to test the $63,000 support.
- Telegram’s Notcoin saw one of the largest declines in the last 24 hours, inching closer to its all-time low.
The overall crypto market cap (TOTAL) and Bitcoin (BTC) have been affected by a bearish sentiment sparked by the controversial arrest of Telegram CEO Pavel Durov. This has led to a more than 10% drop in Notcoin (NOT), a token associated with the Telegram platform.
In the news today:
- Pavel Durov, the founder and CEO of Telegram, was detained in Paris on August 24. He is facing 12 charges, including aiding illegal online transactions and participating in the distribution of child pornography. The arrest stems from a judicial investigation launched on July 8.
- Tokenized treasuries have surged to $2 billion, fueled by the involvement of BlackRock and other major financial institutions. The market is poised for further expansion, with forecasts anticipating a rise to $3 billion by the end of the year.
The Crypto Market Slumps
In just under two weeks, the total crypto market cap has seen its largest decline, falling to $2.16 trillion. Over the last 24 hours, TOTAL has shed more than $51 billion as investor confidence wavers.
This drop caused TOTAL to lose the $2.20 trillion support level. Unless it rebounds, it could fall further to $2.11 trillion.
On the other hand, reclaiming the $2.20 trillion support could spark a recovery. The market’s goal is to breach $2.30 trillion and turn it into a support level, but this may take some time.
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Bitcoin’s Price Struggles
At the time of writing, Bitcoin is priced at $63,046, reflecting a 2.1% correction over the past day. After failing to breach the $65,300 resistance, BTC dropped to test the $63,000 support.
There is a chance that Bitcoin could dip further, potentially bouncing off $61,725, which marks the lower limit of its consolidation range below $71,360.
Although a further decline is unlikely, the worst case scenario could see Bitcoin dropping to $60,000. If the market turns bearish, Bitcoin’s price could face even more pressure.
Notcoin’s Downtrend Continues
Telegram coin Notcoin had almost escaped the nearly three-month-old downtrend line. But the 27% drop in the last 72 hours led to the altcoin falling under the line again.
This decline is largely due to ongoing developments in the case of Telegram CEO Pavel Durov’s arrest. Durov faces 12 charges, including complicity in running an online platform that facilitated illegal transactions related to child pornography.
As of now, Notcoin’s price is $0.0086, showing a 3% rise over the last six hours. However, it needs more momentum to break through the downtrend line. If it fails, NOT may continue to slide closer to its all-time low of $0.0045.
