The total crypto market cap (TOTAL) and Bitcoin (BTC) are observing a cooldown after noting sharp increases this week. Following their cues, DeepBook Protocol (DEEP) witnessed a near 11% decline, emerging as the biggest loser of the day.
In the news today:-
- Russia’s Ministry of Finance and Central Bank are collaborating to launch a centralized crypto exchange, following efforts to push out foreign exchanges. This move is part of Russia’s broader strategy to promote cryptocurrency to evade sanctions, including plans for a ruble-backed stablecoin.
- El Salvador’s National Commission of Digital Assets (CNAD) and the SEC’s Crypto Task Force are collaborating on a cross-border regulatory sandbox for crypto. The plan involves two pilot programs, costing under $10,000, aimed at providing data on key regulatory priorities, with US brokers partnering with Salvadoran firms.
The Crypto Market Is Cooling Down
The total crypto market cap has dropped by $18 billion over the last 24 hours. This slight dip reflects a period of stability after a sharp uptick, signaling a consolidation phase rather than a full bearish reversal. The market remains on edge as it searches for direction.
Currently, at $2.86 trillion, the total market cap is holding above the support of $2.85 trillion. If this support level fails, a decline to $2.74 trillion could be on the horizon. This scenario would likely extend the current market consolidation, potentially affecting investor sentiment and market confidence.
However, if the crypto market cap bounces off the $2.85 trillion support, it may breach past $2.93 trillion in the coming days. A successful rally above this level could signify renewed bullish momentum, encouraging further market growth.
Bitcoin Fails To Cross Key Barrier
Bitcoin’s price stands at $92,688, struggling to break through the $93,625 resistance over the last 24 hours. Although the price has been pushed lower, no clear bearish signals have emerged yet. The market remains in a cautious state, waiting for momentum to either build or break.
If Bitcoin fails to hold the support at $91,521, the price could drop to $89,800. This would erase more than half of the gains made earlier this week, signaling potential weakness.
Conversely, if Bitcoin holds above $91,521, it could rally past the $93,625 resistance. This move would likely propel BTC toward $95,761, strengthening its bullish outlook. A successful breach of this level would invalidate the current bearish sentiment and increase investor confidence.
DeepBook Protocol Falls On The Daily Chart
DEEP price dropped by 10.5% in the last 24 hours, making it the worst-performing altcoin of the day. Trading at $0.15, the token failed to maintain the support of $0.17. This decline raises concerns about the altcoin’s ability to recover in the short term.
If the downward trend continues, DEEP may fall further to $0.12, erasing much of the recent gains. Investors should watch for signs of stabilization at this level, as further declines could suggest a prolonged bearish phase, affecting investor confidence.
However, if market conditions turn favorable, DEEP may reclaim $0.17 as support. A successful recovery could push the price toward $0.23, invalidating the current bearish outlook and boosting market optimism.
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