Why Is The Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to slide lower on the daily charts. This decline signifies the impact of the US–EU trade war fears.
President Trump announced a 10% tariff on goods from eight European countries from February 1, potentially rising to 25% by June, linked to the Greenland dispute, with the EU threatening up to $100 billion in retaliation. Altcoins like Story (IP) are following this as well.
In the news today:-
- Bermuda plans to become the world’s first fully on-chain national economy, integrating digital assets into its core financial systems. Circle and Coinbase will provide the infrastructure and tools to support blockchain-based payments and everyday economic activity.
- The New York Stock Exchange plans to support tokenized securities and introduce 24/7 trading to modernize US equity markets. If implemented, the move could reshape price discovery, settlement processes, liquidity dynamics, and investor behavior across the financial system.
The total crypto market cap fell by $45 billion in the past 24 hours and now stands near $3.09 trillion. Broad selling pressure continues to weigh on digital assets. Current market structure suggests downside risk remains, with a potential move toward the $3.05 trillion support level.
Rising geopolitical tensions between the US and EU could intensify risk aversion across global markets. Escalating uncertainty often impacts crypto liquidity and capital flows. If conditions deteriorate further, the total crypto market cap could slide toward $3.00 trillion, reflecting deeper macro-driven selling pressure.
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TOTAL Price Analysis. Source: TradingView
Recovery depends on investor response to ongoing uncertainty. If market participants choose to hold positions rather than exit, selling pressure may ease. Sustained holding behavior could help TOTAL defend the $3.09 trillion level, stabilizing market structure and limiting further downside in the near term.
Bitcoin Has Multiple Supports Protecting ItBitcoin price declined from nearly $97,000 earlier last week to about $92,400 at the time of writing. The move reflects sustained selling pressure following a failed rally. Market focus is shifting toward the next major support level at $91,298 as volatility remains elevated.
A test of $91,298 appears less likely due to layered technical support. Bitcoin currently trades above its 50-day exponential moving average and an established uptrend line. If these levels hold, BTC price could stabilize and attempt a rebound toward $93,471 in the near term.
Bitcoin Price Analysis. Source: TradingView
Downside risk persists if support levels fail. A decisive break below $91,298 would expose Bitcoin to a decline toward $90,000. Losing that psychological level could intensify bearish sentiment and increase selling pressure across the broader cryptocurrency market.
Story Is Going In The Wrong DirectionIP price dropped nearly 13% over the past 24 hours and trades near $2.39 at the time of writing. The sharp decline reflects increasing selling pressure across the altcoin market. Current price action suggests IP remains vulnerable to further downside as bearish momentum builds.
Technical indicators confirm a prevailing downtrend. The Parabolic SAR remains positioned above the candlesticks, signaling sustained bearish control. If IP loses the $2.33 and $2.16 support levels, selling pressure could accelerate, pushing the altcoin below the $2.00 psychological threshold.
IP Price Analysis. Source: TradingView
A recovery scenario remains challenging but possible. Reduced selling or fresh capital inflows could stabilize price action. If demand strengthens, IP may reclaim $2.50 as support. A move toward $2.90 would invalidate the bearish thesis and signal improving investor confidence.
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