Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) slipped sharply in the last 48 hours. As the macro financial corrected, the crypto market suffered as well, with SPX6900 (SPX) leading the losses for the investors, marking a 12% drop. In the news today:- BlackRock is launching its iShares Bitcoin ETF (IBIT) in Australia, expanding its global crypto footprint. The move follows IBIT’s massive U.S. success, where it amassed $98 billion in assets and reinforced Bitcoin’s status as an institutional-grade investment. Canada plans to regulate fiat-backed stablecoins under its 2025 federal budget, aligning with U.S. efforts to establish oversight. The proposed rules will require issuers to hold reserves, enforce redemption policies, and adopt data protection standards, with the Bank of Canada allocating $10 million to support implementation. The Crypto Market Takes A Hit The total crypto market has experienced a sharp correction, driven by bearish cues from global financial markets. In the past 24 hours, TOTAL dropped by $150 billion, settling at $3.35 trillion. If broader financial conditions remain weak, the total crypto market cap could face additional downside pressure. TOTAL may fall through the $3.31 trillion support zone and slip further to $3.21 trillion. Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. Total Crypto Market Cap Analysis. Source: TradingView However, a rebound in investor confidence could shift momentum positively for the crypto market. Improving liquidity and renewed demand for altcoins may help TOTAL recover lost ground. A strong bullish recovery could push the total market capitalization toward $3.43 trillion, with an extended rally possibly testing $3.49 trillion resistance. Bitcoin Loses Critical Support Bitcoin’s price suffered a major setback, breaking below the key $100,000 support level for the first time in three months. The intra-day low of $98,944 triggered heightened market anxiety, reflecting growing bearish momentum. Bitcoin has since stabilized slightly, hovering above the $101,477 support zone. Despite this recovery, investor sentiment remains fragile, with fears of another correction mounting. If panic selling accelerates, Bitcoin’s price could slide toward the $98,000 level, extending losses and reinforcing bearish pressure in the broader cryptocurrency market. Bitcoin Price Analysis. Source: TradingView However, if market conditions improve and selling pressure eases, Bitcoin could regain upward momentum. Sustained accumulation near support levels could spark a short-term rebound, pushing BTC toward the $105,000 resistance. SPX690 Faces Death Cross SPX price has declined 12% in the past 24 hours, ranking among the worst-performing meme coins of the day. The altcoin currently trades at $0.639, reflecting heightened bearish pressure. The sharp decline followed a recently formed Death Cross, signaling intensified bearish momentum for SPX. The pattern suggests that downside pressure could extend, driving the altcoin below $0.590 and potentially testing the $0.507 support level if sellers continue dominating the market over the next few sessions. SPX Price Analysis. Source: TradingView However, if SPX price manages to rebound from the $0.640 support level, a short-term recovery could emerge. Renewed buying interest might push the meme coin toward $0.817 resistance, invalidating the bearish outlook. The post Why Is The Crypto Market Down Today? appeared first on BeInCrypto.