The cryptocurrency market has again slipped into decline, reversing Thursday’s recovery. Total market capitalization (TOTAL) has dropped by 1% in the past 24 hours, signaling renewed bearish momentum.
Bitcoin (BTC) is down 2% on the day. Among altcoins, DeXe (DEXE) has emerged as the market’s top loser in the last 24 hours, recording the steepest drop across major tokens.
In the news today:
- On April 10, 2025, President Donald Trump signed the first-ever crypto-specific bill into law, repealing the IRS DeFi Broker Rule introduced under the Biden administration.
- Ripple and the SEC have jointly asked a US Appeals Court to pause all appeals and cross-appeals, signaling that both parties are moving toward a formal settlement.
TOTAL at Risk of Falling to YTD Lows
The crypto market has reversed its recent gains, with TOTAL shedding $111.22 billion of its value in the past 24 hours. It stands at $2.55 trillion at press time amid growing market volatility.
This week’s crypto market decline is primarily attributed to the macroeconomic uncertainty triggered by US President Trump’s tariffs on key trading partners. The tightening geopolitical climate has spilled over into crypto, prompting a broader sell-off across the digital asset market.
If selloffs persist, TOTAL risks extending its decline. It could fall to its year-to-date low of $2.31 trillion in that scenario.
However, a resurgence in bullish sentiment among market participants will invalidate this bearish outlook. In that case, TOTAL could reverse its current downtrend and climb to $2.59.
Bitcoin Teeters at Key Support as Buying Pressure Wanes
Leading coin BTC trades at $81,100, noting a 2% value dip over the past day. The broader market recovery recorded on Thursday pushed the coin past the key resistance formed at $80,580, flipping it into a support floor.
However, with today’s waning buying pressure, a successful retest of that support line looks unlikely. If the bulls fail to defend that price level, the spike in BTC’s selling pressure could bring its price back below $80,000 to trade at $76,633.
On the other hand, if fresh demand flows into the market and the $80,580 support level holds firm, BTC could rebound from this floor and potentially rally toward the $85,357 mark.
DEXE Leads Market Losses
DEXE is today’s top loser. It is down 7% over the past day and trades at $14.58. During the review period, the altcoin’s trading volume has spiked by 104%, reflecting the high selling pressure in the market.
When an asset’s price falls while trading volume soars, it signals strong selling pressure. This suggests that many DEXE investors are offloading their positions, pointing to a negative shift in market sentiment.
If this trend continues, DEXE will continue its decline, and its price could fall to $10.41.
Conversely, if the altcoin witnesses a rebound, it could break above the resistance at $15.08 and trade at $19.29.
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