The total cryptocurrency market capitalization (TOTAL) is falling after a recent rally that also took Bitcoin (BTC) above $65,000. Although the latter is below critical support, it is not the only one: JasmyCoin (JASMY) has also fallen 8% in the last 24 hours.
In the news today:
- The US Securities and Exchange Commission (SEC) has ruled in its favor against Rivetz Corp and its CEO Stephen Sprague for selling $18 million worth of unregistered securities through the Ethereum-based RvT token. On September 30, a Massachusetts court ruled in favor of the SEC.
- Binance has confirmed that it complies with international sanctions by denying access to sanctioned Russian individuals and entities. The exchange said it strictly follows global sanctions rules to ensure compliance with the restrictions.
The crypto market is falling
The total cryptocurrency market capitalization now stands at $2.20 trillion after losing over $72 billion in the last 24 hours. This significant drop caused TOTAL to break through the critical $2.25 trillion support level, leading to a wave of uncertainty among investors. The recent decline highlights the market’s vulnerability, especially as volatility remains a dominant factor.
The next major TOTAL support level is $2.11 trillion. If the market falls further to this point, it could indicate that investors are taking profits as the market cools. A decline in this support level could signal a potential period of consolidation.
Read More: 11 Cryptocurrencies to Add to Your Portfolio Ahead of Altcoin Season
However, if investors maintain their bullish stance, TOTAL has the opportunity to reclaim the $2.25 trillion support level. If this happens, it could pave the way for a recovery and potentially spark a market rally.
Bitcoin is in decline
Bitcoin price is currently at $63,697, having lost the critical support level of $65,292 in the last 24 hours. The cryptocurrency is now trying to recapture this key level as investors watch it closely. This sudden decline has caused concern, but Bitcoin still has a chance to recover if it manages to regain lost support.
However, the risk of short-term sales remains. If investors decide to lock in their gains amid market uncertainty, Bitcoin could fall further to $61,725. This scenario is likely to strengthen bearish sentiment, leading to further downward pressure on the asset.
Read more: Bitcoin Halving History: Everything You Need to Know
A retracement of the $65,292 level is necessary for Bitcoin to continue its upward trajectory. This will restore confidence in the market and pave the way for a rally to $68,248. Successfully clearing this resistance will negate the current bearish outlook and renew investor optimism.
JasmyCoin takes a hit
JASMY was the biggest loser of the day after the altcoin registered an 8% decline over the past day. This drawdown occurred after the crypto asset failed to break through the $0.024 barrier.
The aforementioned barrier has kept JASMY under control since the beginning of August and has also been tested several times. An increase above this level is critical for JASMY to recoup losses noted during the crash in late July.
Read more: What is JasmyCoin (JASMY)?
However, given the current conditions, a decline to the key support of $0.020 is possible. The only way to refute this bearish outlook is to provide JASMY with $0.024 as a support level.
