Why Is The Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting slight declines on the daily chart, with altcoins following their cues. Story (IP) has registered a 28% decline in the last 24 hours, leading the losses.
In the news today:-
- Polymarket is under scrutiny after a wallet turned $30,000 into $400,000 by betting on Maduro’s removal just before it happened. The same wallet has now placed a new bet on Iran’s Supreme Leader being ousted, raising fears of insider info laundering.
- Eric Adams, who stepped down as New York City’s mayor two weeks ago, entered the crypto market with the launch of his NYC token, drawing thousands of buyers within hours. Less than a day later, over half of the traders were in losses as the token collapsed, sparking rug‑pull accusations.
The total crypto market cap declined by $48 billion over the past 24 hours, settling near $3.20 trillion. The pullback reflects market exhaustion after recent rallies. Shifting risk appetite and profit-taking are weighing on valuations, suggesting broader crypto markets may enter a short consolidation phase before direction becomes clearer.
After slipping below the $3.21 trillion level, TOTAL is now exposed to a potential move toward $3.16 trillion. This zone represents a key short-term support. If selling pressure accelerates, a deeper decline below $3.16 trillion could follow, amplifying downside risk across major digital assets.
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TOTAL Price Analysis. Source: TradingView
A reversal remains possible if sentiment improves. Should investors pivot from selling to accumulation, TOTAL could stabilize and attempt recovery. Sustained inflows and renewed demand would be required to lift the market cap back toward $3.26 trillion, restoring confidence and signaling a return of bullish momentum.
Bitcoin Is Holding Over $95,000Bitcoin trades near $95,583, holding above the $95,000 psychological support at the time of writing. While BTC failed to breach $98,000, resilience above this level reflects short-term strength. The crypto king remains in a constructive range, with buyers defending key support despite broader market uncertainty.
However, the Chaikin Money Flow shows a downtick, signaling weakening capital inflows. Reduced demand raises the risk of selling pressure across investor cohorts. If this trend persists, Bitcoin could slip below $95,000, exposing downside toward $93,471 or even $91,298 in a deeper pullback scenario.
Bitcoin Price Analysis. Source: TradingView
A bullish outcome remains possible if sentiment stabilizes quickly. Should inflows recover before BTC loses $95,000, the price could rebound from support. A renewed push above $98,000 would invalidate the bearish outlook, restoring upside momentum and bringing Bitcoin closer to $100,000.
Story Takes A Big HitIP emerged as the day’s biggest loser, plunging 28% in the past 24 hours. The sharp decline reflects broader crypto market weakness, driven by buyer exhaustion and fading risk appetite. As selling pressure accelerates, IP price action signals vulnerability, with momentum firmly tilted toward the bearish side.
Amid this downturn, IP risks losing the $2.50 support level. A confirmed breakdown would expose the altcoin to further downside at $2.28 and potentially $1.96. Such a move would also push IP below its 50-day EMA, reinforcing short-term bearish structure and weakening recovery prospects.
IP Price Analysis. Source: TradingView
A bullish invalidation remains possible if demand reappears quickly. Should IP bounce decisively from $2.50, the price could recover toward $2.90. Sustained buying would be required to reclaim $3.29, reverse momentum, and negate the current bearish thesis.
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