Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) registered their largest single-day falls this year, bringing the latter to $64,500. Stable (STABLE) followed the crypto king, falling by 23% in 24 hours, pulling away from its all-time high.

In the news today:-

• MicroStrategy shares came under renewed pressure after Bitcoin fell to $60,000, pushing the company’s large BTC holdings further below its average purchase price. With Bitcoin about 21% under cost basis, MicroStrategy’s stock now trades at a discount to its Bitcoin net asset value, highlighting rising balance-sheet risk.
• Gemini will shut operations in the UK, EU, and Australia and cut 200 jobs, refocusing its business on the US market. The exchange cited AI-driven productivity gains and a strategic pivot toward prediction markets as the broader crypto market downturn intensifies pressure.

The Crypto Market Lost $266 Billion

The total crypto market cap fell $266 billion in the past 24 hours, dropping to $2.19 trillion at the time of writing. TOTAL is barely holding above the $2.12 trillion support. The decline was driven by cascading liquidations totaling nearly $2.2 billion, intensifying broad market pressure.

The $2.12 trillion level now represents the market’s final defense. A breakdown could expose TOTAL to a decline to $2.00 trillion. Continued weakness across major tokens raises concerns about recovery timing, as rebuilding confidence may require sustained inflows and reduced volatility.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

TOTAL Price Analysis. Source: TradingView

A rebound remains possible if investor sentiment stabilizes. Should deleveraging slow and demand return, TOTAL could defend $2.12 trillion. A successful bounce from this level may allow the total crypto market cap to recover part of the recent losses and ease near-term downside risk.

Bitcoin Falls To Its Lowest In 28 Months

Bitcoin’s price dropped 11.6% in the past 24 hours, trading at $64,536 at the time of writing. The move marked Bitcoin’s largest single-day decline of 2026. Despite heavy selling, BTC remains above the $62,893 support, which has so far prevented a deeper breakdown.

Selling pressure continues to rise amid investor uncertainty and heightened volatility. Market structure now points to $59,986 as the next major support below $60,000. A confirmed breakdown could accelerate losses, sending Bitcoin toward $55,883 as liquidity thins and risk aversion dominates short-term positioning.

Bitcoin Price Analysis. Source: TradingView

A recovery scenario depends on renewed bullish momentum. If buyers regain control, Bitcoin could reclaim $65,360 and challenge $69,922. A move above $70,000 would signal stabilization and open the path toward $75,000, allowing BTC to recover a meaningful portion of its recent losses.

Stable Is Unstable

STABLE price fell 23.4% over the last 24 hours, trading at $0.0196 at the time of writing. The sharp decline reflects heightened selling pressure across smaller-cap tokens. Despite the drop, STABLE continues to hold above the $0.0189 support, a level that previously triggered short-term rebounds.

Rising outflows have dragged STABLE further away from its $0.0325 all-time high. Persistent distribution signals weaken investor confidence. If selling pressure continues, price action suggests a move toward the $0.0165 local support, which represents the next area of potential demand amid deteriorating market conditions.

STABLE Price Analysis. Source: TradingView

A recovery scenario remains viable if buyers defend the $0.0189 support. A successful bounce from this level could push STABLE back toward $0.0225. Reclaiming that zone would invalidate the bearish thesis, ease downside pressure, and provide the altcoin with temporary relief from recent losses.