The total crypto market cap has declined to $2.25 trillion, with Bitcoin’s price dropping to $64,200, amid broader market volatility and economic factors.
Points
- Total crypto market cap falls to $2.25 trillion.
- Bitcoin price drops to $64,200.
- Tether reports record-high profits but no recent Bitcoin acquisitions.
- Federal Open Market Committee’s （FOMC） tone impacts market sentiment.
The total crypto market cap （TOTAL） declined to $2.25 trillion over the past day, with Bitcoin’s （BTCUSD） price dropping to $64,200. Book Of Meme Coin （BOME）, which has been in the limelight for days, took the biggest hit, falling by 12% in 24 hours.
Key Developments Impacting the Market
- Tether’s Financial Report: Tether reported a record-high $5.2 billion in profits in the first half of 2024. However, the stablecoin issuing company has not made any Bitcoin acquisitions over the last three months, surprising the market.
- Telegram’s Web3 Browser: Telegram announced a new in-app web3 browser. Through the browser, users will be able to access multiple TON-hosted websites.
The Crypto Market Declines Further
The total crypto market cap fell by more than $60 billion in the last 24 hours as the Federal Open Market Committee （FOMC） exhibited a rather hawkish tone toward potential September rate cuts. While yesterday’s meeting resulted in no change in interest rates from 5.25% to 5.50%, there was no certainty about what the next meeting would bring.
“It’s all about the FOMC and Jerome Powell’s decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020,” Brian Quinlivan, Lead Analyst at Santiment, told BeInCrypto.
As a result, TOTAL dropped below $2.25 trillion, losing the support of $2.30 trillion for the first time in two weeks. The total crypto market cap is now close to hitting the support of $2.20 trillion.
Beincrypto
Expectations of recovery are ripe, but for the same, the $2.30 trillion level would need to be flipped into support again. This could push the total
crypto market cap back up towards $2.40 trillion.
Bitcoin’s Price Loses Crucial Support
Bitcoin’s price currently trades at $64,222 after slipping below the crucial psychological support of $65,000. The broader market cues arising from the FOMC meeting have also impacted BTC, now looking at a drop to $63,100.
This price is the next critical support level, which has been nearly tested multiple times in the second half of July. Losing it will most likely send BTC to $60,000, wiping out a chunk of the recent gains.
Beincrypto
But a bounce back from $63,100 would invalidate the bearish thesis. This would give the crypto asset a chance to rise back and reclaim the support of $67,000.
BOME Sees a Massive Drop
Book Of Meme Coin （BOME） emerged as the biggest loser of the day as the meme coin dropped by 12%. Failing to breach the resistance at $0.011, the altcoin is currently changing hands at $0.009.
The chances of further decline are high, and BOME could drop to test the support at $0.008. This would erase the profits noted over the last ten days.
Beincrypto
Nevertheless, if meme coin enthusiasts consider this an opportunity to accumulate BOME at a low price, the price could bounce back, invalidating the bearish thesis.
解説
- The recent decline in the crypto market highlights the impact of macroeconomic factors and regulatory uncertainties.
- Bitcoin’s slip below critical support levels suggests potential further declines but also opportunities for recovery if support is regained.
- The significant drop in BOME’s price reflects the high volatility and speculative nature of meme coins in the crypto market.