Why Is the Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) registered some of the biggest declines noted this year in the last 24 hours. As the fear of recession and US economy suffering due to Trump’s trade wars grew, the crypto market noted $743 million long liquidations. Berachain (BERA) ended up forming a new ATL owing to the decline.
In the news today:-
- For the first time in Bitcoin’s 16-year history, the network’s hashrate has surpassed 1 Zetahash per second (ZH/s). This milestone is achieved even amidst the recent market volatility, which saw Bitcoin’s price drop below $80,000.
- Investors in the REAL token promoted by Conor McGregor will receive full refunds after the project failed to meet its $1 million minimum fundraising goal. The presale raised only $392,315, falling short of both the minimum and the $3.6 million target.
The total crypto market cap experienced a significant $216 billion drop in the past 24 hours, bringing it to $2.42 trillion. This decline was largely attributed to trade tensions triggered by US President Donald Trump’s policies, which negatively impacted global stock markets.
As market sentiment grows increasingly wary of another “Black Monday,” fears escalated, leading to $743 million in long liquidations. The market found temporary support at $2.41 trillion, but continued declines could push the total crypto market cap toward $2.30 trillion.
Total Crypto Market Cap Analysis. Source: TradingView
However, reclaiming support at $2.50 trillion could pave the way for a recovery. A rise to $2.61 trillion would help the crypto market regain some of the losses experienced over the past few days. This potential rebound would be vital for restoring confidence among investors and stabilizing prices across the sector.
Bitcoin Falls Below $80,000Bitcoin’s price experienced another setback over the weekend, dropping by 7.4% to trade at $77,299 currently. The decline caused the crypto king to lose the $80,000 support level, triggering concerns among traders. Bitcoin’s ability to regain momentum depends on its response to the current market conditions.
At the moment, Bitcoin is holding above the critical $77,175 support level. If the market continues to weaken, a further decline could push BTC down to $73,773.
Bitcoin Price Analysis. Source: TradingView
A bounce off the $77,175 support could signal a recovery for Bitcoin. If BTC manages to reclaim the $80,301 level, it will erase recent losses and challenge the bearish market sentiment. A sustained rally could help restore confidence among investors and prevent further downturns.
Berachain Marks New All-Time LowBerachain’s BERA token suffered a significant 21% drop in the past 24 hours, trading at $4.58. The altcoin hit a new all-time low (ATL) of $4.51 during the day, reflecting weak market sentiment. This dramatic decline has raised concerns over the token’s short-term prospects amid broader market uncertainty.
Unless market conditions improve, BERA is at risk of further losses. A decline to $4.00 is possible, marking another new ATL and extending the investors’ losses.
BERA Price Analysis. Source: TradingView
The only way for the bearish outlook to be invalidated is for BERA to reclaim the $5.03 support level. A rise to $5.59 would allow the altcoin to recover recent losses, potentially reversing the downtrend. Achieving these price points would signal strength and restore investor confidence in BERA.
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