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The total crypto market cap (TOTAL) and Bitcoin (BTC) continued their decline as the market conditions failed to improve. Among the altcoins, Ethena (ENA) emerged as the worst performer of the day, falling by 6% in the last 24 hours.
In the news today:-
- Israel seized 187 crypto wallets once linked to $1.5 billion in Tether, now holding $1.5 million, under anti-terror laws. The move follows a U.S. seizure of USDT tied to Iran’s IRGC drone program.
- The SEC and Gemini reached a resolution in principle over the 2023 Gemini Earn lawsuit that locked customer funds. The settlement follows Gemini’s IPO and comes amid declining U.S. crypto enforcement, with added tension from CFTC leadership disputes.
The Crypto Market Is Cooling Down
The total crypto market cap dropped $24 billion in the last 24 hours, settling at $3.95 trillion. TOTAL is currently holding above the $3.94 trillion support, showing resilience despite the dip, with investors closely watching for the next major move.
Markets are focused on the upcoming FOMC interest rate decision, with expectations of a 25 basis point cut. This anticipation appears to be keeping volatility contained.
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If broader conditions deteriorate, TOTAL could slip toward $3.89 trillion, signaling weakness. However, if the rate cut is well-received, TOTAL may reclaim strength and rise toward $4.01 trillion.
Bitcoin Holds Above Support
Bitcoin’s price is at $115,342, holding above the $115,000 support level. If broader market conditions deteriorate in the coming days, BTC could slip toward $112,500, testing investor sentiment and reinforcing short-term bearish pressure on the cryptocurrency market.
The RSI indicates bullish momentum remains active, suggesting Bitcoin still has the strength to prevent a sharp decline. This outlook supports consolidation above $115,000, with investor confidence likely helping BTC maintain stability.
If upcoming rate cuts avoid negatively impacting Bitcoin, the cryptocurrency could rally toward the $117,261 resistance. A successful breach of this level would strengthen bullish sentiment and completely invalidate the bearish thesis.
Ethena Takes The Top Spot
ENA price slipped 6% in the last 24 hours, making it the biggest loser of the day. Despite this drop, the altcoin has held steady compared with broader declines across the crypto market.
The current sideways market trend may help ENA sustain its footing above the $0.676 support level. Stability here could allow the token to attempt a rebound, potentially testing the $0.732 resistance zone if buying pressure strengthens in the short term.
However, if bearish sentiment sparks panic selling among investors, ENA could fall below $0.676. Such a breakdown would increase downside risk, potentially driving the token lower to $0.628 and invalidating the bullish thesis, worsening investor sentiment in the process.
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