The crypto market has seen a decline due to various factors, including government actions and market sentiment.
Points
- U.S. government moves $2 billion worth of Bitcoin
- SEC lawsuit amendments against Binance
- Total crypto market cap sees significant outflows
- Impact on Bitcoin and other altcoins
The total crypto market cap has been experiencing volatility, stabilizing at $2.33 trillion after a significant decline. The market panic was triggered by the U.S. government’s movement of $2 billion worth of Bitcoin seized from Silk Road to a new address, sparking fears of a sell-off.
This event led to $23 billion in outflows from the market, pulling the total value of all crypto assets down. Bitcoin’s price, which had breached $70,000, fell to $66,500 due to the sudden selling pressure. BTC now faces the risk of dropping to $65,000 or even $63,100 if support levels are breached.
Among altcoins, Solana meme coin POPCAT emerged as the biggest loser, dropping by over 15% in the last 24 hours. POPCAT is currently holding above the support of $0.074. If it manages to bounce back, it could recover to $0.83, invalidating the bearish outlook.
TOTAL is now expected to remain consolidated under $2.40 trillion until the market can revive its bullishness.
解説
- The U.S. government’s action has caused market panic, leading to significant outflows and a drop in Bitcoin’s price.
- SEC’s lawsuit amendments against Binance have added to the uncertainty, affecting the overall market sentiment.
- Monitoring support and resistance levels is crucial for predicting potential price movements in Bitcoin and other cryptocurrencies.