Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) was expected to witness a red candlestick one of these days. This is because the market was bound to cool down after adding more than $300 billion in ten days. Bitcoin’s (BTC) price did not observe a decline but simply halted the rally, while Mog Coin (MOG) dropped by 8% in a day.

In the news today:-

• The Securities and Exchange Commission (SEC) approved Grayscale Ethereum Mini Trust and ProShares Ethereum ETF. However, the ETFs will not begin trading immediately but will launch at the same time as other spot ETH ETFs.
• State Street, a Boston-based financial services and banking giant, is considering developing its own stablecoin. The broader financial interest in adopting blockchain solutions is driving the efforts.

The Crypto Market’s Growth Halts

The total crypto market cap observed an outflow of $30 billion over the last 24 hours, the first in almost a week. While money did flow out of the market, this is not a bearish development, as this was expected once the recent rally began.

As the market cools down, outflows are noted, which is a sign of stability since it gives TOTAL an opportunity to reinitiate a rise from this point. Currently testing $2.30 as support, the next barrier for TOTAL is at $2.40 trillion.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Total Crypto Market Cap Analysis. Source: TradingView

Losing this support, however, could extend the wait as the total market cap could fall to $2.20 trillion.

Bitcoin Aims at Reclaiming Losses

Bitcoin’s price is trading at $64,806 after dipping slightly over the last 24 hours. BTC is attempting to secure $65,000 as a support floor as the psychological level could boost optimism and liquidity.

This is crucial in pushing Bitcoin’s price to $67,109, which can guide the crypto asset back above $70,000, a price point that has not been visited in more than a month.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

Nevertheless, the threat of profit booking continues, and significant volume could send Bitcoin’s price to $63,100 or lower.

Mog Coin Is Not Facing Bearishness

Despite the meme coin becoming the worst-performing asset of the day, Mog Coin is not witnessing bearishness. This is because the 8% correction is not a large decline for a meme coin, and MOG had just established a new all-time high.

Thus, as with the rest of the market, this is a cooldown, not a drawdown, which only bolsters the potential for further growth. MOG is currently noting support at $0.000001904, and a bounce back would place it back in the path of a rally.

Read More: What Are Meme Coins?

MOG Price Analysis. Source: TradingView

Losing this support, however, could damage the meme coin. Mog Coin’s price is likely to drop to $0.000001545.