Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) crashed hard on Saturday, nearly wiping out $291 billion, and Bitcoin (BTC) followed suit, nearing its projected crash. At the same time, River (RIVER) emerged as the worst performer of the day, falling by 16%.

In the news today:-

• The US Treasury sanctioned Zedcex and Zedxion, marking the first time OFAC targeted crypto exchanges operating within Iran’s financial sector. Officials said the platforms processed billions in transactions tied to the IRGC, prompting warnings of further action against sanction-evasion networks.
• Nubank has received conditional approval from the US Office of the Comptroller of the Currency to begin launching a national bank, Nubank N.A. The approval allows Nu to start meeting regulatory requirements, with capitalization and a US launch planned within 18 months.

The Crypto Market Panics

The total crypto market capitalization saw sharp volatility, plunging nearly $291 billion at the intraday low. Prices later recovered modestly, limiting the daily loss to about $183 billion. TOTAL is now valued near $2.63 trillion, reflecting continued fragility as risk sentiment remains weak across global markets.

Downside risk persists for the broader crypto market. TOTAL could slip below the $2.61 trillion support level if selling pressure resumes. A breakdown may push the market toward $2.50 trillion. Concerns around a potential US government shutdown have already fueled panic and could worsen conditions.

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TOTAL Price Analysis. Source: TradingView

A recovery scenario remains viable if sentiment improves. Stronger market conditions could lift TOTAL back toward $2.74 trillion. Should the week open on a positive note, breaching $2.67 trillion would be likely. Sustained buying above that level would signal stabilization and reduce near-term downside risk.

Bitcoin Falls Below $80,000

Bitcoin continued to slide, changing hands at around $78,768 at the time of writing. The crypto king recently slipped out of a broadening ascending wedge, a technical formation that implied a 12.6% downside move. This breakdown reinforced bearish momentum and opened the door for a deeper pullback toward the $75,850 projected level.

Downside pressure is expected to intensify after BTC dropped below the key $80,000 support area, confirming a wider corrective phase. As sellers remain in control, attention now shifts to the next important support around $78,363. A decisive move below this level would effectively validate the bearish pattern.

Bitcoin Price Analysis. Source: TradingView

On the upside, any meaningful rebound would require Bitcoin to reclaim $82,503 and hold it as support. Doing so would suggest improving market stability and a return of buyer interest. Until then, the immediate objective for bulls is to push BTC back above $80,000 and establish it as a reliable support zone.

River Is Flowing In The Wrong Direction

RIVER remained the worst-performing asset for a second straight day, sliding 16.6% over the past 24 hours. The altcoin is trading near $19 at the time of writing. Persistent market-wide bearishness continues to weigh on sentiment, keeping buyers cautious and downside pressure elevated.

The decline worsened after RIVER lost support at the 50-day EMA. This breakdown leaves the price vulnerable below $19. A sustained move lower could expose the $11 level. Such a drop may trigger panic selling, as investors attempt to limit losses amid deteriorating technical conditions.

RIVER Price Analysis. Source: TradingView

A recovery scenario remains possible if RIVER stabilizes at $19. Holding this level could attract dip buyers. A rebound above the $27 local resistance would signal renewed momentum. Under stronger conditions, the price could advance toward $36, invalidating the bearish thesis and restoring confidence.