The total crypto market cap (TOTAL) and Bitcoin (BTC) took a hit over the last 24 hours surprising the market even as SEC announced “Project Crypto”. Altcoin fared nearly similarly with SPX6900 (SPX) falling by 8.7%.
In the news today:-
- SEC Chair Paul Atkins unveiled “Project Crypto,” an initiative to modernize securities regulations for blockchain integration in U.S. markets. The plan includes interpretive guidance, exemptions, and safe harbors to foster Web3 innovation, building on President Trump’s GENIUS Act and the PWG report.
- On Ethereum’s 10th anniversary, developer Justin Drake warned that quantum computing could threaten ETH, calling for a shift to hash-based cryptography to safeguard the network. He highlighted quantum computers’ ability to break current encryption methods, posing a significant challenge for Ethereum’s future security.
The Crypto Market Declines
The total crypto market cap has dropped by $66 billion, now standing at $3.74 trillion. Despite the recent dip, the market remains above the critical support level of $3.73 trillion. This support could help stabilize the market, giving it the potential to bounce back toward the $3.81 trillion resistance.
Although the announcement of the SEC’s “Project Crypto” was seen as a positive development, the market did not react as expected. This shows the continued uncertainty in the crypto sector. Despite this, the market may maintain its position above $3.73 trillion, possibly leading to a gradual recovery in the coming days.
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If the bearish sentiment continues to dominate, there’s a risk of the total crypto market cap falling further. A decline below the $3.73 trillion support could push the market to test $3.61 trillion.
Bitcoin Falls Out Of Consolidation
Bitcoin’s price is currently at $116,021, showing a decline after falling out of its two-week consolidation range between $117,261 and $120,000. The current price drop indicates uncertainty in the market, with Bitcoin failing to hold above recent support levels, leaving room for potential further downside movement.
Given the volatile market conditions, Bitcoin is now hovering near the support of $115,000. If this level holds, it could help stabilize the price in the short term. However, if Bitcoin fails to maintain this support, it may drop to $111,187, further extending the downtrend observed today.
If Bitcoin regains bullish momentum and breaks back above $117,261, it could invalidate the bearish outlook. A successful reclaim of this support level would signal that Bitcoin may continue consolidating, potentially pushing the price back towards the upper boundary of $120,000, depending on market conditions.
SPX6900 Falls To 2-Week Low
SPX has emerged as the worst-performing altcoin of the day, dropping by 8.7% in the last 24 hours. Currently priced at $1.66, the meme coin’s significant decline reflects market uncertainty. If this bearish trend continues, SPX could struggle to regain its previous levels in the coming days.
Should market conditions worsen, SPX is expected to test the support of $1.55. A failure to hold this level could lead to further declines, potentially pushing the altcoin to $1.42. Such a drop would indicate continued bearish momentum, making a recovery more challenging for SPX in the near future.
SPX could reclaim the $1.74 support level if market conditions improve and investor sentiment shifts. This would provide the momentum needed for a potential rise toward $2.00. A break above this level would invalidate the bearish outlook, signaling a possible trend reversal for the meme coin.
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