Close Menu
Crypto Recaps
    What's Hot

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025
    Facebook X (Twitter) Instagram
    Crypto Recaps
    • Predictions
    • Cryptocurrency
    • Stock Markets
    • Commodities
    • US News
    • US Economy
    • World
    • Videos
    Crypto Recaps
    Home»Cryptocurrency»Why Is the Crypto Market Down Today?
    Cryptocurrency

    Why Is the Crypto Market Down Today?

    3 July 20242 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The total crypto market cap (TOTAL) fell over the last 24 hours as Bitcoin (BTC) failed to breach a crucial resistance level. Bittensor (TAO) also took a hit, as it did not react to the bearish cues as much as it did to a recent hack.

    In the news today:-

    • Chainlink joins hands with Fidelity and Sygnum. This partnership will help bring the Net Asset Value (NAV) of Fidelity’s Institutional Liquidity Fund, which is worth $6.9 billion, on-chain.
    • Bittensor, an AI network, was attacked on its wallets. In response, the team completely halted all transactions on the chain.

    The Market Bullishness Is Still Intact

    The total crypto market cap declined by over $36 billion to $2.21 trillion over the last 24 hours. While a breach of the $2.30 trillion barrier was expected, the opposite happened, as TOTAL dropped to the support floor of $2.20 trillion.

    While a further decline is not expected, considering the market’s volatility, it cannot be ruled out. A drop below $2.20 trillion would mean a decline to $2.11 trillion.

    A bounce back, on the other hand, would rejuvenate the potential of TOTAL reclaiming $2.30 trillion as support.

    Bitcoin’s Price Drops

    Bitcoin’s price potentially triggered the broader market decline as the crypto asset failed to breach a breach. At the time of writing, BTC fell back to trade at $61,169 after failing an attempt to break past $63,000.

    While the intra-day highs crossed this barrier, they could not close above it, resulting in the drawdown over the last 24 hours.

    The likely outcome is a drop to $60,000 and recovery from this point since the crypto market is not extremely bearish at present.

    Bittensor’s TAO Takes a Hit

    Bittensor’s native token, TAO, emerged as the biggest loser of the day. However, this has nothing to do with the market condition but the developments within the network. As mentioned above, Bittensor faced a hack today, which resulted in the on-chain transactions being halted completely.

    Consequently, panicked investors moved to sell their TAO, resulting in a rapid price drop. At the moment, the altcoin is down 14% in the last 24 hours.

    The critical support for TAO lies at $217, and with the altcoin trading at $235 at the moment, it has room to recover, provided the selling pressure does not rise.

    Source

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Bitcoin Price Loses $10K in 2 Days After Dropping Below $92K: Where Is the Bottom?

    9 January 2025

    US regulator warned banks on crypto but did not order halt to business

    4 January 2025

    Bitcoin targets $120K in January amid record Binance stablecoin reserves

    31 December 2024

    BTC Price Dumps to Monthly Lows as Weird MicroStrategy Trend Extends

    31 December 2024
    Add A Comment
    Leave A Reply Cancel Reply

    Recent Posts

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025

    The Next Amazon (AWS)? How Crypto Will DISRUPT Data Storage | Autonomi

    14 January 2025

    Solana’s #1 AI Crypto Play For 2025 (GRASS Is Scaling Web 3)

    14 January 2025

    XRP HOLDERS THIS IS HUGE! (MOVING FAST)

    14 January 2025

    TRUMP MEETING WITH SAYLOR IN 72 HOURS! (DAY ONE CHANGES WILL SHAKE CRYPTO!)

    14 January 2025

    2024 © CryptoRecaps. All Rights Reserved.

    Crypto Recaps is not liable for any financial losses incurred while trading. Investors should do their due diligence before making any high-risk investments in Bitcoin, Cryptocurrency, Stocks or Digital Assets

    Facebook X (Twitter) YouTube
    Top Insights

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025

    Type above and press Enter to search. Press Esc to cancel.