Why Is The Crypto Market Down Today?

The total crypto market (TOTAL) and Bitcoin (BTC) crashed owing to a global sell-off. As the crypto king fell, altcoins followed its footsteps, with Worldcoin (WLD) taking a 21% hit in the last 24 hours.

In the news today:-

• The Trump administration is reportedly set to nominate Kevin Warsh as the next Federal Reserve chair, according to Bloomberg. Warsh’s opposition to quantitative easing could reduce liquidity and pressure risk assets, including cryptocurrencies.
• Indonesia’s financial regulator said 72% of licensed crypto exchanges were still unprofitable in 2025, despite the country surpassing 20 million crypto users. The decline reflects investors shifting to overseas platforms, as domestic crypto transaction volume fell to about $30 billion from $650 trillion in 2024.

The Crypto Market Crashes

The total crypto market capitalization dropped 6% over the past 24 hours, wiping out roughly $197 billion. TOTAL now stands near $2.79 trillion. The decline reflects broad risk aversion rather than crypto-specific weakness, as investors reacted to sharp losses across global financial markets.

The sell-off followed a wider market shock, with more than $3 trillion erased from gold, silver, equities, and cryptocurrencies within an hour. This cascading effect intensified liquidations. If conditions fail to stabilize, TOTAL could drift lower and settle near $2.74 trillion in the short term.

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TOTAL Price Analysis. Source: TradingView

A recovery scenario remains viable if sentiment improves. Should buyers return, the total crypto market cap could reclaim $2.80 trillion. Sustained strength above that level would open the door to a move toward $2.85 trillion or higher, invalidating expectations of further downside.

Bitcoin Will Likely Validate Bearish Pattern

Bitcoin price weakened further, trading near $82,982 at the time of writing. The crypto king broke down from a broadening ascending wedge, a pattern that projected a 12.6% decline. The move confirmed bearish momentum and increased downside risk toward the $75,850 technical target.

The breakdown accelerated after Bitcoin lost the $84,592 support level. This failure confirmed the broader drawdown and shifted the short-term structure to bearish. With selling pressure intact, the next major support now sits near $80,787. Holding this level is critical to prevent deeper losses.

Bitcoin Price Analysis. Source: TradingView

A recovery scenario depends on reclaiming $84,592 as firm support. Regaining this zone would signal stabilization and renewed buyer confidence. If investors avoid panic selling, Bitcoin could attempt a rebound toward $90,000. Sustained strength above reclaimed support would be required to restore bullish momentum.

Worldcoin Loses Big

Worldcoin price dropped 21% in the past 24 hours, making WLD the worst-performing altcoin of the day. The decline followed a broad crypto market crash rather than a project-specific catalyst. Risk-off sentiment dominated trading as investors reduced exposure across high-volatility assets.

At the time of writing, WLD is trading near $0.461, holding above the $0.442 support level. This zone has provided short-term stability. If broader market weakness persists, selling pressure could intensify. A breakdown below support would likely push the Worldcoin price toward the $0.402 level.

WLD Price Analysis. Source: TradingView

A recovery scenario remains possible if buying interest returns. Should WLD rebound and breach the $0.478 resistance, momentum could shift. The next key target would be the 50-day EMA near $0.554. Reclaiming this level would invalidate the bearish outlook and signal a loss recovery.