The cryptocurrency market experienced a significant downturn, losing $91 billion in a single day as Bitcoin and altcoins faced intense selling pressure, leading to sharp declines and the loss of crucial support levels.
Points
- The crypto market lost $91 billion in a day amid bearish sentiment.
- Bitcoin dropped below $64,100, losing key support at $65,000.
- Arweave （AR） was among the hardest-hit altcoins, losing crucial support.
- Macro-financial market declines contributed to the crypto market’s sell-off.
The cryptocurrency market saw a drastic downturn, shedding $91 billion in a single day due to intense selling pressure on Bitcoin and altcoins. This significant loss reflects the broader bearish sentiment that has gripped the market, leading to sharp declines and the breaching of crucial support levels.
Bitcoin’s price dropped by 2%, falling to $64,100 and losing the key support level of $65,000. The next critical support for Bitcoin is at $63,100, which traders are watching closely to see if the cryptocurrency can bounce back from this level. If the support at $63,100 is lost, Bitcoin’s price could decline to $60,000, marking a three-week low and extending the losses faced by BTC holders.
Arweave （AR） was among the hardest-hit altcoins, with its price plummeting by 11% over the past day. AR is now trading at $25, having lost support at $28.58. This continued drawdown has brought AR down from $34 over the past 12 days. The next critical support for AR is at $23, and if the downtrend persists, this level could also be invalidated.
The broader crypto market cap took a hit, with the total market cap declining by $46 billion to $2.24 trillion as of Friday, nearing the crucial support level of $2.20 trillion. Any further decline could make it challenging for the market to recover, highlighting the importance of maintaining this support level.
In the news today, Michael Saylor’s MicroStrategy added about 12,222 BTC worth over $805 million in Q2, despite noting a 7.4% decrease in revenue compared to Q2 2023. Meanwhile, ByBit announced its exit from France effective August 2, citing recent regulatory developments from the French regulator as the reason for the decision.
解説
- The significant loss of $91 billion in the crypto market in a single day underscores the volatility and risk inherent in cryptocurrency investments.
- Bitcoin’s failure to maintain key support levels highlights the importance of monitoring critical price points and market sentiment to anticipate potential declines.
- Arweave’s sharp drop and loss of crucial support levels reflect the broader bearish trend affecting altcoins, emphasizing the need for caution and risk management.
- Macro-financial market declines have a direct impact on the cryptocurrency market, contributing to intense selling pressure and significant losses.
- Staying informed about market developments, support levels, and broader financial trends can help investors navigate the volatility and make more informed decisions about their crypto investments.