The total crypto market cap (TOTAL) and Bitcoin (BTC) reached new all-time highs (ATHs) on Tuesday before noting slight dips. Some altcoins did not fare well as the broader market cues turned bearish led by Hedera Hashgraph (HBAR) which fell by nearly 14% over the last 24 hours.
In the news today:
- Russian authorities plan to ban crypto mining in occupied Ukrainian territories, citing electricity grid strain during peak seasons. The proposed ban targets regions like Donetsk, Lugansk, Zaporizhia, and Kherson to address energy challenges exacerbated by mining activities.
- El Salvador’s NexBridge and Bitfinex Securities will launch the country’s first regulated tokenized US T-Bill offering, accepting USDT initially. Tokens tied to BlackRock’s short-term Treasury ETF will trade on Bitfinex under ticker USTBL, with a $30 million fundraising target.
The Crypto Market Is Stabilizing
The total crypto market cap currently stands at $3.01 trillion, slightly down from its peak of $3.10 trillion reached on Tuesday. Despite signs of slowing momentum, the market remains resilient, maintaining its position near historic highs.
TOTAL is holding steady above the critical support level of $2.93 trillion, signaling potential for continued growth. If market conditions remain favorable and no significant sell-offs occur, the crypto market could retain its upward trajectory, supporting investor sentiment.
However, a breach below the $2.93 trillion support could result in a drop to $2.75 trillion. This level serves as the next major support floor, and further losses may challenge market recovery.
Bitcoin Formed a New ATH
Bitcoin reached a new all-time high of $93,912 on Tuesday before retreating slightly. Currently trading at $92,186, the crypto king remains in a critical zone, reflecting ongoing investor optimism despite minor fluctuations.
BTC is holding steady above the crucial support level of $89,800, aiming to maintain stability. Falling below this point could trigger losses, prompting heightened caution among investors looking to safeguard gains from the recent rally.
If Bitcoin breaches the $89,800 support, a drop to $85,000 may follow, causing significant delays in recovery. Such a decline could spark selling pressure, with investors locking in profits, further challenging BTC’s upward trajectory.
Hedera Hashgraph Loses a Chunk of Its Profits
HBAR has seen remarkable growth, soaring over 239% in two weeks to become a standout performer this month. However, the recent 24-hour decline has curtailed its upward momentum, raising concerns among investors as profits shrink amid heightened volatility in the cryptocurrency market.
Over the past day, HBAR experienced a 13.8% drop, erasing a significant portion of its earlier gains. The altcoin now trades at $0.123, a level that could determine its short-term trajectory depending on whether it secures a stable support floor or faces continued selling pressure.
If the decline persists, HBAR risks falling to $0.099, its next critical support level. A drop to this point could delay recovery efforts, challenging the altcoin’s ability to sustain its earlier rally and dampening investor optimism in the short term.
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