Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) is down $91 billion over the last 24 hours, with Bitcoin (BTC) falling to $84,155 at the time of writing.

Following the market cues, Starknet (STRK) crashed by 21% in the last 24 hours, slipping sharply on the charts.

In the news today:-

• Leverage Shares plans to launch 3x long and 3x short Bitcoin and Ethereum ETFs next week on the SIX Exchange, according to Bloomberg’s Eric Balchunas. The move expands its leveraged product lineup and gives investors new ways to trade crypto market swings.
• The New York Stock Exchange has approved Grayscale’s XRP and Dogecoin ETFs, allowing both to begin trading on Monday. NYSE Arca confirmed its listing as conversions of long-standing private trusts into fully regulated exchange-traded funds.

The Crypto Market Dips

The total crypto market cap has fallen by $91 billion in the past 24 hours and now sits at $2.84 trillion.

If selling pressure persists, TOTAL may need to drop further to test the key support level at $2.80 trillion, which has acted as a stabilizing zone in previous downturns.

If broader market conditions worsen, a decline below $2.80 trillion becomes more likely. Such a move could push TOTAL toward the $2.74 trillion support level, extending losses across major assets. Weak liquidity and rising uncertainty may accelerate this downward trend.

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Total Crypto Market Cap Analysis. Source: TradingView

If TOTAL successfully rebounds from $2.80 trillion, it could recover above $2.87 trillion and attempt a climb toward $3.00 trillion.

A move like this would signal strengthening sentiment and invalidate the bearish thesis, helping restore confidence across the market.

Bitcoin Slides On The Chart Again

Bitcoin’s price extended its decline over the past 24 hours, falling to $84,155 and slipping firmly below $85,000. The continued weakness reflects growing market uncertainty as sellers maintain control.

If the decline accelerates, Bitcoin could break below $82,503 and slide toward $80,000 or lower.

Such a move would extend investor losses and reinforce bearish market sentiment. Weak liquidity and risk-off conditions may further exacerbate downward momentum in the short term.

Bitcoin Price Analysis. Source: TradingView

A successful rebound from the $82,503 support level could shift momentum. A bounce may push Bitcoin above $82,504 and fuel a recovery toward $89,800. Regaining this level would invalidate the bearish thesis and signal improving confidence among traders.

Starknet Takes The Brunt For The Altcoins

STRK is trading at $0.1749 after a steep 21% decline in the past 24 hours, but is still holding above the key $0.1699 support level. The altcoin remains under pressure as sentiment weakens and selling activity increases across the broader market.

If STRK loses the $0.1699 support and bearish momentum intensifies, the price could fall toward $0.1368. Such a drop would result in sharp losses for holders and signal deeper market weakness, increasing the risk of further downside in the coming sessions.

STRK Price Analysis. Source: TradingView

If STRK manages to rebound from $0.1699, it could initiate a recovery toward $0.1950. A stronger bounce may extend to $0.2522.

This would invalidate the bearish outlook and help the altcoin reclaim recent losses as market conditions stabilize.