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Why Is the Crypto Market Down Today?

Aug 1, 2024 #仮想通貨
Why Is the Crypto Market Down Today?コインチェーン 仮想通貨ニュース

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 Crypto Market Cap Analysis. Source: TradingView

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.