The crypto market has experienced a major decrease today. The total market value decreased by $ 160 billion and worried investors. Bitcoin approached critical support levels, while some subcoins suffered record losses. So, what’s behind this fall? Here are the details!
1. Crypto market is trying to hold on to the support of 2.58 trillion dollars
The total value of the crypto market decreased to $ 2.59 trillion. The big wave of sales in the last 24 hours negatively affected the market feeling. As the fear of investor increased, the pressure on crypto beings strengthened.
However, the $ 2.58 trillion level stands out as a critical support point. In the past, this level had achieved a 13 %recovery in the market. If this support is lost, the market value may drop to $ 2.50 trillion or even $ 2.41 trillion.
2. Can Bitcoin fall below $ 80,000?
Bitcoin is close to the lowest levels of the year. BTC, which tested 80,000 dollars in internal transactions, is currently traded for $ 80.610. The fear of investor has reached the highest level since the FTX collapse in 2022.
If Bitcoin loses $ 80,313 support, the price may decrease to $ 75,000. This indicates the lowest level of the last 3 months for BTC. On the contrary, if it increases above $ 85,000, the market can recover and confidence can be re -achieved.
3. Story (IP) Altcoini lost 21 %!
Today’s biggest loss was Story (IP). With a decrease of 21 %, IP, which decreased to $ 5.52, disappointed investors. Breaking the support of $ 5.69 can push the subcoin up to $ 3.97.
If the IP regains the $ 5.69 level, a upward movement may begin. The possibility of return to an AC level of $ 8.99 can only be possible with a strong purchase pressure.
4. Crypto: Regulatory prints and uncertainty in the market
Regulatory pressures behind the harsh decreases in the crypto market also play a major role. US politicians are trying to prevent the participation of political figures in crypto projects with the breast law. In addition, the SEC’s step back from some cases created uncertainty among investors. The fact that the XRP case is still not concluded and the lack of clarity for crypto regulations increases the pressure on the market. These developments accelerate sales by shaking investor confidence.
As a result, the crypto market is going through a challenging process. Support levels give a critical exam. Investors should closely follow the reactions of the market in the coming days!
