Key Takeaways
- **Total crypto market cap lost $400 billion**, now at $3.09 trillion, with risks of further decline if support fails.
- Bitcoin (BTC) broke below the critical $95,761 support, signaling volatility and potential drops to $93,625.
- Virtuals Protocol (VIRTUAL) plunged 14.7%, hitting a 2.5-month low; must hold $0.901 support to avoid deeper losses.
Market Overview: $400 Billion Wiped Out
The cryptocurrency market saw a sharp correction, with Bitcoin leading the downturn by briefly touching $93,500. Altcoins like VIRTUAL suffered worse, dropping 14.7%.
Recent Developments:
Bitwise’s XRP ETF Application
- The SEC fast-tracked Bitwise’s filing after Cboe BZX’s submission last week. While XRP prices remained stable, this signals progress toward potential approval.
Strategy’s $2 Billion Bitcoin Fundraise
- Formerly MicroStrategy, the company plans convertible notes to buy BTC, reaffirming CEO Michael Saylor’s accumulation strategy despite recent pauses.
Crypto Market Faces Sustained Pressure
With bearish signals across broader financial markets, the total crypto cap fell to $3.09 trillion. Key observations:
- A breakdown below $3.09 trillion could trigger a test of **$3.00 trillion**, worsening sentiment.
- Holding this support may enable a rebound toward $3.16 trillion resistance, reviving bullish momentum.
👉 Stay updated on crypto trends
Bitcoin Volatility Hits Multi-Week Lows
BTC’s price action:
- Broken support: $95,761, now trading at $95,605.
- Next critical level: $93,625; losing this may accelerate declines.
- Recovery path: Reclaiming $95,761 could fuel a rally to $98,212.
Virtuals Protocol (VIRTUAL) in Freefall
Current price: $0.981 (-14.7%).
- Make-or-break: $0.901 support. Failure here may extend losses.
- Recovery scenario: A bounce could target $1.30 resistance, invalidating bearish trends.
FAQ
Q: What caused the crypto market drop?
A: Bearish macroeconomic cues and profit-taking after recent rallies.
Q: Will Bitcoin recover soon?
A: Dependent on reclaiming $95,761; otherwise, further dips to $93,625 are likely.
Q: Is VIRTUAL a buy at current levels?
A: Only if $0.901 holds; otherwise, avoid until stabilization.
Disclaimer: This content is for informational purposes only. Cryptocurrency investments carry risks; conduct independent research before deciding.
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