Why the Crypto Market Is Down Today

The total crypto market cap (TOTAL) absorbed the impact of the US stock market’s decline. The ripples of this slight drop were also felt by Bitcoin’s (BTC) price, which slipped further below $64,100. Among the altcoins, Arweave (AR) fell the hardest, losing a crucial support level in the process.

In the news today:-

Michael Saylor’s MicroStrategy added about 12,222 BTC, worth over $805 million, in Q2. The company also noted a 7.4% decrease in revenue compared to Q2 2023.
ByBit announced its exit from France effective from August 2. The crypto exchange cited the recent regulatory developments from the French regulator as the reason for the decision.

The Crypto Market Absorbs Bearishness

The total crypto market cap took a hit as the macro-financial market noted a decline due to a sell-off over the past day. This resulted, the crypto market nearly lost over $91 billion yesterday during the intra-day low. 

However, as of Friday, TOTAL had already declined by $46 billion to $2.24 trillion, inching closer to the support of $2.20 trillion. Any further decline would make it difficult for TOTAL to bounce back.

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However, a jump from $2.20 trillion support could mean the crypto market could recover. The aim should be to reclaim $2.30 trillion as support.

Bitcoin’s Price Slides Further

Bitcoin’s price dropped by another 2%, falling to $64,100, losing the support of $65,000. The next crucial support for BTC is $63,100, which the crypto asset could be aiming to bounce off of.

But if the support is lost, Bitcoin’s price will mark a three-week low, falling to the $60,000 level. This would extend the losses BTC holders are already facing.

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

Nevertheless, the weekend could favor BTC’s recovery. This would require the crypto asset to jump from $63,100 and reclaim $65,000 as a support floor.

Arweave Is In Peril

Arweave’s price has been down by 11% over the past day, trading at $25 after losing support at $28.58. This extended the drawdown that has been going on for the past 12 days, which has brought AR down from $34.

The chances of further decline are high, and Arweave could fall to $23, which is the next critical support for AR. If the altcoin continues its downtrend, this level could also be invalidated.

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Thus, investors could begin to vote for a recovery, which would warrant flipping $28 back into support. This would initiate the uptrend that AR desperately needs at the moment.