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The total crypto market cap (TOTAL) reacted to Friday’s US Non-farm payrolls report, which sent the global markets tumbling. Bitcoin (BTC) was not spared either, as the flagship crypto dropped by more than $6,000 in the last four days, and Bittensor (TAO) led the altcoins’ decline, falling by 45% in the past week.
In the news today:-
- In the last 24 hours, over $800 million worth of liquidations have been recorded in the crypto market. Nearly $700 million of this came from long contracts.
- Paradigm and Grayscale moved to sell their Ethereum holdings in the past day. Amid the crypto market crash, these institutions collectively sold $1.23 billion worth of ETH, adding to the price decline.
The Crypto Market Crashed
The total crypto market cap reacted to the macro-financial markets’ decline, falling by nearly $300 billion in the last 24 hours. Currently, at $1.81 trillion, the crypto market is at a five-month low.
Hovering above the support of $1.80 trillion, the crypto market witnessed the leap due to last Friday’s weak US Non-farm payrolls report. New jobs fell from 179,000 in June to 114,000 in July, with the unemployment rate rising to 4.3%.
Several other macroeconomic factors and geopolitical tension between Iran and Israel also contributed to the market sentiments.
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If TOTAL were to lose the support of $1.80 trillion as well, it could slip to $1.69 trillion, extending the losses. But a necessary bounce back could push it back towards $2.00 trillion.
Bitcoin’s Price Slides Further
Bitcoin’s price fell to $52,780 at the time of writing after falling through multiple support levels. In the last week alone, BTC’s value has declined from $65,000 to $52,780, hitting a five-month low in the process.
In doing so, Bitcoin also fell out of the bullish, broadening descending wedge. The lower trend line, acting as support for BTC, was marked at $54,500 but failed to bounce back. Recovery from the next support level of $52,300 is expected, and BTC could be placed back in the bullish pattern
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However, losing the support of $52,300 could result in a fall to $50,000, a key psychological support level that might induce major selling from investors to offset losses.
Bittensor Leads the Altcoin Decline
Bittensor’s price witnessed the hardest crash in the last 24 hours, as the altcoin dropped by over 25%. This added to the week-long decline, which diminished the altcoin’s value by close to 45%.
Currently, the altcoin is trading at $184, down from $340. TAO lost the crucial support floor of $217, making recovery difficult
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However, the next support level is $168, which could be the reversal point for TAO. A bounce back from this price could send TAO back above $217.