Why Is the Crypto Market Down Today?
In Brief
- The total crypto market cap fell by $47 billion, dropping below $2.11 trillion and testing support at $2.08 trillion.
- Bitcoin’s price dropped to $60,947, but it holds above the critical $60,000 support level, with eyes on breaking $61,868.
- Aptos (APT) declined by 9%, trading at $8.42, with key support at $8.23. A recovery could push APT towards $9.79.
The total crypto market cap (TOTAL) and Bitcoin (BTC) noted drawdowns over the last 24 hours amid rising bearishness in the macros financial markets. Aptos (APT) took the top spot among altcoins, emerging as the biggest loser of the day.
In the news today:
- Donald Trump’s World Liberty Financial (WLF) proposed deploying a WLF Aave v3 instance to promote DeFi and onboard new users into over-collateralized lending and borrowing. The initiative aims to expand DeFi adoption through enhanced marketing and seamless user experiences.
- Federal prosecutors in Boston charged Gotbit, ZM Quant, CLS Global, and others in a crypto manipulation scheme, leading to four arrests and $25 million in crypto seizures. The defendants allegedly conducted sham trades to inflate token values, defrauding investors.
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The Crypto Market Notes a Dip
The total crypto market cap noted a $47 billion worth of decline in the last 24 hours as TOTAL lost the support of $2.11 trillion. In doing so, TOTAL also fell through the uptrend support line.
The total crypto market cap is currently hovering at $2.08 trillion, above $2.00 trillion support level. Reclaiming $2.11 trillion is still on the cards provided the broader market cues turn bullish.
Selling among investors, on the other hand, could result in further losses, bringing TOTAL down to test $2.00 trillion as support.
Bitcoin Price Marks a Decline
Bitcoin’s price has followed broader market trends, currently trading at $60,947. Despite the decline, BTC is maintaining a strong position above the crucial support level of $60,000. This key support has so far prevented further losses and is critical to the short-term price outlook.
The goal for Bitcoin is to breach and flip $61,868 into a support level. Successfully doing so could push the cryptocurrency toward $65,292, but this move will require strong investor confidence and market participation to maintain upward momentum.
However, if Bitcoin loses support at $60,000, it risks falling further to $57,270, potentially intensifying market losses and shaking investor confidence.
Aptos Becomes a Victim
Aptos price has seen a 9% decline in the last 24 hours, currently trading at $8.42. Despite the drop, APT remains above the crucial 38.2% Fibonacci Retracement line, offering hope for a potential recovery. Investors are closely watching to see if this level holds.
However, if Aptos bounces back from the 38.2% Fibonacci line, the price could rally towards $9.79. Breaching this barrier would open the door for a further rise, potentially sending APT towards the psychological $10 level, revitalizing market optimism.
