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The total crypto market cap (TOTAL) is cooling down from the recent rally that also brought Bitcoin (BTC) above $65,000. Although the latter is below crucial support, it is not alone, as JasmyCoin (JASMY) has also declined by 8% in the last 24 hours.
In the news today:
- The US Securities and Exchange Commission (SEC) Gained a judgment in their favor against Rivetz Corp and its CEO, Steven Sprague, for selling $18 million in unregistered securities through the Ethereum-based RvT token. A Massachusetts court ruled in favor of the SEC on September 30.
- Binance confirmed it is adhering to international sanctions by denying access to sanctioned Russian individuals and entities. The exchange stated it strictly follows global sanctions rules, ensuring compliance with restrictions.
The Crypto Market Dips
The total crypto market cap currently sits at $2.20 trillion after losing over $72 billion within the last 24 hours. This significant drop caused TOTAL to break through the crucial support level of $2.25 trillion, leading to a wave of uncertainty among investors. The recent decline highlights the vulnerability of the market, especially as volatility remains a dominant factor.
The next major support level for TOTAL stands at $2.11 trillion. If the market dips further to this point, it could indicate that investors are engaging in profit-taking as the market cools down. A decline in this support level could signal a potential period of consolidation.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
However, if investors maintain their bullish stance, there’s a possibility for TOTAL to reclaim the $2.25 trillion support level. Should this occur, it could pave the way for a recovery and potentially ignite a market rally.
Bitcoin Is Facing a Decline
Bitcoin’s price is currently at $63,697, having lost the crucial support level of $65,292 over the last 24 hours. The cryptocurrency is now attempting to reclaim this key level as investors watch closely. This sudden decline has raised concerns, but Bitcoin still has a chance to recover if it manages to regain the lost support.
However, the risk of short-term selling persists. If investors choose to secure their gains amid market uncertainty, Bitcoin could drop further to $61,725. This scenario would likely increase bearish sentiment, leading to further downward pressure on the asset.
Read more: Bitcoin Halving History: Everything You Need To Know
Reclaiming the $65,292 level is essential for Bitcoin to continue its upward trajectory. This would restore confidence in the market and pave the way for a rise to $68,248. Successfully breaking this resistance would invalidate the current bearish outlook and renew investor optimism.
JasmyCoin Takes a Hit
JASMY emerged as the biggest loser of the day after the altcoin registered an 8% decline over the past day. This drawdown came after the crypto asset failed to breach the barrier at $0.024.
The aforementioned barrier has kept JASMY subdued since the beginning of August and has also been tested multiple times. A rise above this level is crucial for JASMY to recover the losses noted during the July end crash.
Read More: What Is JasmyCoin (JASMY)?
However, considering the current conditions, a decline to the crucial support of $0.020 is possible. The only way to invalidate this bearish outlook is for JASMY to secure $0.024 as a support floor.