Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) declined over the weekend following US President Donald Trump’s ambiguous remarks on the economy, fueling recession fears. Uncertainty extended to altcoins, with JasmyCoin (JASMY) plunging 14.7% in the past 24 hours.

In the news today:-

• Binance banned a market maker for GoPlus Security (GPS) and MyShell (SHELL) due to policy violations involving dual market participation. The exchange permanently offboarded the entity and confiscated its illicit gains. The recovered funds will be redistributed to affected GPS and SHELL token holders.
• Mark Carney, a former central banker and Bitcoin critic, has been announced as Canada’s new prime minister by the Liberal Party. He has opposed Bitcoin since 2018, citing its fixed supply as a flaw that fuels speculation. Carney also plans to counter US tariffs as part of his economic strategy.

The Crypto Market Falls Again

The total crypto market cap declined by $148 billion in the past 24 hours as investor sentiment weakened. Concerns arose after US President Donald Trump’s unclear stance on a potential recession fueled uncertainty in financial markets. The broader crypto market reacted sharply, leading to widespread sell-offs across major digital assets.

During intra-day lows, the total crypto market cap (TOTAL) fell to $2.59 trillion before rebounding slightly to its current level of $2.65 trillion. However, the market remains fragile, and without stronger support, TOTAL could slip below the critical $2.58 trillion level.

Total Crypto Market Cap Analysis. Source: TradingView

A recovery scenario hinges on the total crypto market cap maintaining support at $2.63 trillion. If this level holds, bullish momentum could build, pushing the market cap toward $2.75 trillion. Breaking past this resistance would invalidate bearish concerns.

Bitcoin Dropped To $80,000

Bitcoin’s price faced a sharp decline over the weekend, dropping from $86,000 to $80,000 on Sunday. However, BTC managed a partial recovery, currently trading at $81,792. The sudden drawdown raised concerns, but Bitcoin’s resilience in holding above $80,000 suggests the potential for stabilization in the coming sessions.

The likelihood of further declines remains low unless macroeconomic conditions deteriorate significantly. As long as broader financial markets stay stable, BTC is expected to consolidate between $80,000 and $82,761.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin successfully breaches the $82,761 resistance, it could regain bullish momentum, potentially pushing toward $85,000. A breakout at this level would invalidate bearish concerns and signal strength, helping Bitcoin recover a significant portion of its recent losses.

JasmyCoin Hits A 13-Month Low

JASMY suffered the biggest loss in the market today, plunging 14% in the past 24 hours. The altcoin is currently trading at $0.0137, holding just above its key support at $0.0134. The steep decline highlights ongoing selling pressure, raising concerns about the potential for further downside in the near term.

This drop pushed JASMY to its lowest price level in 13 months, the last time being February 2024. The mid-February Death Cross intensified the decline, reinforcing bearish momentum. If downward pressure persists, JASMY could slip below $0.0134, testing the next support at $0.0121 and extending its losses further.

JASMY Price Analysis. Source: TradingView

A reversal remains possible if JASMY manages to breach $0.0150 and reclaim $0.0164 as support. A breakout at these levels would invalidate the bearish outlook and restore investor confidence.