Why Is The Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) ended the weekend on a bearish note, and the impact of the same has extended to Monday. Kaia (KAIA) led the decline among the altcoins, marking a near 20% drop.
In the news today:-
- Japan may approve its first crypto exchange-traded funds by 2028, with regulators planning to add cryptocurrencies as eligible ETF assets. Nomura and SBI are expected to launch the products on the Tokyo Stock Exchange, following the success of U.S. spot bitcoin ETFs.
- A US crypto scandal alleges John Daghita, known as “Lick,” stole over $40 million from government seizure wallets using access tied to his father’s firm. Blockchain investigator ZachXBT traced at least $23 million to one wallet linked to thefts exceeding $90 million across 2024 and 2025.
The total crypto market cap declined by $56 billion and now stands near $2.92 trillion at the time of writing. Despite the drop, market structure shows early signs of stabilization. Selling pressure has eased following a bearish weekend, allowing digital assets to attempt a short-term recovery.
Broader macro signals remain mixed. Gold continues to post new all-time highs above $5,000, reflecting strong risk-off demand. Persistent strength in safe-haven assets could limit capital rotation into crypto, keeping pressure on TOTAL and slowing any sustained recovery attempt.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
TOTAL Price Analysis. Source: TradingView
Recovery remains possible if sentiment improves alongside macro trends. If bullish conditions align with broader market strength, TOTAL could regain upward momentum. A coordinated move higher may push the total crypto market cap toward the $3.00 trillion level in the coming days.
Bitcoin Continues To Validate PatternBitcoin trades near $87,619 after a sharp Sunday sell-off pushed the price down from the $90,000 level. The decline reflects heightened volatility and cautious sentiment across the crypto market. Recent weakness has placed Bitcoin near a critical technical zone that may define its next directional move.
The two-week pullback has validated a broadening ascending wedge on the chart. This pattern often signals rising volatility and potential downside. If bearish momentum intensifies and Bitcoin breaks lower, the price could slide toward the next support level near $84,698.
Bitcoin Price Analysis. Source: TradingView
A bullish reversal remains possible if buying pressure returns. Strength above current levels could lift Bitcoin toward $89,241. Reclaiming that resistance would open the path back above $90,000 and allow BTC to target the $91,298 level, invalidating the bearish setup.
Kaia Leads The DeclineKAIA price dropped nearly 20% over the past 24 hours and trades near $0.0762 at the time of writing. The altcoin broke below the $0.0797 support and briefly fell under $0.0721 during intraday trading. Sharp selling reflects heightened volatility and cautious sentiment across the market.
Further downside may be limited as KAIA continues to hold above its 50-day exponential moving average. This technical level signals short-term structural strength despite recent losses. If buyers defend this support, KAIA could reclaim $0.0797 and attempt a recovery toward the $0.0879 resistance zone.
KAIA Price Analysis. Source: TradingView
Bearish risk remains if market conditions deteriorate. A failure to hold above $0.0721 would weaken the price structure. Under that scenario, KAIA could slide toward the $0.0631 support level, invalidating the bullish thesis and extending the current corrective phase.
The post Why Is The Crypto Market Down Today? appeared first on BeInCrypto.