Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) fell by $161 billion, which aligns with collapsing Federal Reserve rate cut bets and a tech-led Nasdaq selloff. Bitcoin (BTC) slid to $85,500 during the intra-day low as a result, and MYX Finance (MYX) posted an 18% drop, leading the losing altcoins.

In the news today:-

• FG Nexus sold $32.7 million in Ethereum to finance share buybacks after its stock collapsed 94% in four months, exposing severe NAV stress. The move mirrors ETHZilla’s earlier $40 million sale, highlighting mounting pressure on digital asset treasury firms as their stocks trade below underlying crypto holdings.
• British prosecutors are investigating Basis Markets after arresting two men suspected of defrauding investors out of $28 million. The Serious Fraud Office seized devices and documents during searches, focusing on alleged fraud and money laundering tied to the project’s 2021 fundraising rounds.

The Crypto Market Dips

The total crypto market cap has dropped $161 billion in the past 24 hours, falling to $2.92 trillion as macro financial pressure intensifies. Broader risk-off sentiment is driving the decline, with investors reducing exposure across major assets amid rising uncertainty in global markets.

TOTAL is holding above the $2.87 trillion support level after slipping below $3 trillion for the first time in five months. If bearish momentum continues, the market cap could fall toward $2.80 trillion next. Weak liquidity and declining confidence may accelerate this downward move.

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Total Crypto Market Cap Analysis. Source: TradingView

If TOTAL rebounds from $2.87 trillion, it could push above $2.93 trillion and attempt a return to $3 trillion. Improved sentiment, stronger inflows, and stabilizing macro conditions would support this recovery scenario and help restore short-term bullish momentum.

Bitcoin Loses Another Support

Bitcoin has dropped nearly 6% in the past 24 hours and now trades at $86,122. The crypto king is holding above the $85,204 support level. However, sentiment remains fragile as volatility increases and traders reassess risk across major assets.

BTC briefly fell to $85,500 during the intra-day low, highlighting growing downside pressure. If selling continues, Bitcoin could break below $85,204 and slide toward $82,503. Such a move would signal weakening momentum and raise concerns about a deeper retracement.

Bitcoin Price Analysis. Source: TradingView

If market conditions improve, Bitcoin may rebound and push above the $86,822 resistance. A successful recovery could drive the price toward $89,800, with a break above that level needed to erase recent losses and target $91,521 next.

MYX Finance Fails Crossing $3

MYX posted the sharpest drop among altcoins today, falling more than 18.33% in the past 24 hours. The token now leads the market’s downside as investors react to rising volatility and weakening sentiment.

The MYX RSI slipped below the neutral level again, signaling renewed bearish pressure. Despite this, the price remains above $2.46 for now. If market conditions deteriorate further, MYX could break below this support and fall toward $2.18, deepening recent losses.

MYX Price Analysis. Source: TradingView

If broader market signals turn bullish, MYX could rebound from the $2.46 support zone. A recovery may push the price back toward $3.00, restoring short-term momentum and invalidating the bearish outlook.