Markets
Why is the crypto market down today?
The total crypto market capitalization (TOTAL) has fallen below the crucial $2.50 trillion support, as has Bitcoin, which is currently trading at $67,300. The mixed signal arose from the bearish evolution of the macro and the bullish evolution of the crypto market, affecting BTC and altcoins, among which ordinals were hit the hardest.
In the news today: –
- Today, the United States Securities and Exchange Commission (SEC) approved all eight Ethereum (ETH) ETF spot deposits. However, S-1 registration approval is still pending, so it will take some time before these ETFs can be listed.
- The United States House of Representatives has voted to pass the CBDC Anti-Surveillance State Act. This amends the Federal Reserve Act of 1913 to prohibit Federal Reserve banks from offering and using CBDCs for monetary purposes.
Total crypto market cap drops
The total crypto market capitalization has fallen below the $2.50 trillion support floor. This is a crucial psychological level, and losing it is not a good sign for the market. Given the rather bearish macroeconomic conditions, the chances of a decline are much higher.
Due to the higher real interest rates, even the news of the Ethereum ETF spot approval could not counter the downtrend, leading to an overall market decline. This withdrawal could continue, with the TOTAL falling to $2.39 trillion.
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Analysis of the total market capitalization of cryptocurrencies. Source: Trading View
However, if $2.50 is reclaimed, the winds could turn in favor of an upside, pushing TOTAL to $2.60 trillion.
Bitcoin price loses key support level
Bitcoin price recorded a red candlestick for the fourth day in a row, falling from the high of $71,800 to $67,293 at the time of writing. When BTC fell below the $68,500 support, it extended investor pessimity, which could potentially drive Bitcoin towards the next crucial support at $64,883.
Learn more: What happened in the last Bitcoin halving? Predictions for 2024
On the other hand, despite the decline, BTC is moving within the flag pattern it has been in since early February. Reclaiming the $68,500 support could resume this uptrend, potentially sending BTC back to $71,800.
Ordinals lose uptrend
The price of ordinals was in an upward trend over the last ten days, but fell in the last 24 hours. The altcoin noted a 10% decline in this duration, causing ORDI to change hands at $37.4 for the moment.
As a result, the opportunity to break through the critical resistance at $44 appears to have been delayed, as ORDI would need to see a 12% rally to reach that price.
Learn more: Bitcoin NFT: Everything You Need to Know About Ordinals
But if it succeeds, it will not only invalidate the bearish thesis, but also increase profits for ORDI holders.
Disclaimer
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