Total crypto market capitalization (total) and Bitcoin (BTC) have earned minor hits today, as the former fell by $29 billion. The expanded drawdown to Altcoins led to a 19.6% drop in plasma (XPL) in 24 hours.
In today’s news: –
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- The SEC and FINRA are investigating more than 200 companies in the Cryptocurrency for potential insider trading related to unusual inventory activities. Regulators flagged sharp price increases and trading spikes before the public announcement as more companies follow MicroStrategy’s aggressive crypto accumulation strategy.
- Kazakhstan’s Financial Crime Agency has shut down the Raks Crypto Exchange and frozen 67 wallets for 10 million USDT. The platform was tied to $224 million in darknet linked laundry, along with flows connected to the Russian markets of Hydra such as Mega, Black Splat and Solaris.
The crypto market is hit
Crypto’s total market capitalization has settled at $3.85 trillion with a non-slip of $30 billion over the past 24 hours. Although not a major revision, the decline indicates a strong upward pause in the market. This cooldown allows traders to reevaluate their terms before the next potential move.
Despite the pullback, the total is above $3.81 trillion support and below $3.89 trillion. Market stability at these levels indicates resilience. If emotions improve and influx strengthen, the total should regain bullish momentum and pave the way for another attempt to climb to the top in the near future.
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If conditions deteriorate, there is a risk of breakdown. Drops below $3.81 trillion could drop further, bringing the total to $3.73 trillion. Such a move could undermine investor optimism.
Bitcoin is holding
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Bitcoin is trading at $114,224 and remains stable just below the main resistance level of $115,000. Crypto King today reflects resilience despite wider market uncertainty and is not facing any major losses today.
If investor sentiment is stable, Bitcoin could target $116,096, above $115,000. Market activity suggests stable demand, which could provide the necessary support for upward movements.
However, worsening conditions can derail momentum. Bitcoin risks slipping to $112,500 if sales pressure increases, and will drop to another $110,000. Such a move negates the current bullish outlook.
Plasma loses sharply
XPL is one of the worst art coins today, falling nearly 20% over the past 24 hours. The token is trading at $0.95 and is now a significant level of support.
If sales pressure continues, XPL could fall below $0.95 support and could drop to another $0.81. Technical signals, including parabolic SARs, point to potential continuances of the downtrend. Such a move will reinforce bearish feelings and will pay attention to investors in the short term.
Meanwhile, investors seeking bargains may view current levels as a purchase opportunity. If demand rises, XPL will rebound beyond $1.08, aiming for $1.29. This recovery negates the bearish outlook.