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.