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In Brief

  • The total crypto market cap movement is subdued around the $2.48 trillion mark.
  • Bitcoin’s price noted a 2% dip, falling below the support of $68,500 to trade at $67,900.
  • Lido DAO led the altcoins that took the biggest hit today, failing to breach the resistance of $2.6.
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The total crypto market cap (TOTAL) and Bitcoin (BTC) both fell victim to Mt. Gox’s $5 billion move. The resulting bearishness also impacted the altcoins, with Lido DAO (LDO) witnessing a sharp decline.

In the news today:-

  • Mt. Gox, one of the world’s biggest crypto exchanges, went bankrupt a decade ago. Today, it made a move. This was the first transaction in five years, as about 75,000 BTC worth $5 billion changed addresses.
  • Kaiko Research, in a report, predicted that Grayscale Ethereum Trust (ETHE) could follow in its Bitcoin counterpart GBTC’s footsteps. The report noted that ETHE could observe daily average outflows of $110 million.

Mt. Gox Sends Ripples Across the Crypto Market

The total crypto market cap marked a red candlestick on the charts today as the Mt. Gox news stirred bearishness among investors. The combined value of all cryptocurrencies fell by $45 billion, but TOTAL is still holding at $2.48 trillion, around the key support of $2.50 trillion.

Read More: 9 Best Altcoin Exchanges In 2024

Crypto Market Cap Analysis.
Crypto Market Cap Analysis. Source: TradingView

If this depreciating bullishness intensifies, it might cause the valuation of the crypto market to dip further. This could send a TOTAL of $2.40 trillion.

Bitcoin’s Price Reacts Similarly

Given that Mt. Gox’s $5 billion BTC move was today’s market mover, Bitcoin’s price was bound to take a hit. The crypto asset fell by a little over 2%, which resulted in BTC losing support at $68,500. This is a critical support level; cementing it as a support floor is essential for noting recovery.

Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

While further drawdown is unexpected, unprecedented bearish market conditions could pull BTC to $66,000. However, reclaiming $68,500 as support could reignite optimism.

Lido DAO Fails a Breach

Lido DAO’s price rose considerably in the second half of May, but the last 24 hours differed. As LDO inched close to breaching the critical resistance of $2.6, the market’s winds shifted from bullish to bearish. As a result, Lido DAO failed the breach and slid to $2.4.

Read More: How To Stake ETH With Lido

Lido DAO Price Analysis.
Lido DAO Price Analysis. Source: TradingView

To attempt a breach again, investors and the market must push. If this does not happen, LDO could drop to $2.2.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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