Crypto Market Crash Today: Unraveling the $43 Billion Drop and Bitcoin’s Downfall

Introduction to the Chaos

The crypto world is in turmoil right now. The total market has lost $43 billion in just 24 hours, dropping to $2.28 trillion. Fear is everywhere, and prices are falling fast. Bitcoin can’t break $70,000, and altcoins like MYX Finance are crashing hard by 40%. What’s going on? In this post, we break down and look at what might happen next.

The Big Picture: Why the Market Cap is Sinking

The crypto market cap, often called TOTAL, has broken key support levels. It fell below $2.30 trillion and even lost $2.37 trillion. This shows weak sentiment and more sellers than buyers. Short-term risks are high, and if fear keeps growing, we could see TOTAL drop to $2.22 trillion.

Why this drop? No single big event, but a mix of things:

• Fear and panic selling: Traders are scared, pulling money out fast.
• Weak inflows: Not enough new money coming in to support prices.
• Bitcoin’s struggle: As the leader, BTC’s weakness drags everything down.

A positive shift, like better economic news or more investor trust, could push TOTAL back to $2.37 trillion. That would signal a recovery.

Bitcoin’s Pain: Stuck Below $70K

Bitcoin is trading at around $67,367 right now. It tried to climb back but failed at $70,000 resistance. Downside pressure is strong, and the next support is $62,893. If it breaks below $65,000, bears win big.

Key indicators show trouble:

• Chaikin Money Flow below zero: Money is flowing out.
• Selling in spot markets: Real holders are dumping.

But hope exists. If buying picks up, BTC could test $70,000 again. A break above might lead to $72,294 or higher. Watch volume – strong buys could flip the trend.

Altcoins Leading the Fall: MYX Finance’s 40% Crash

While Bitcoin hurts, altcoins are bleeding more. MYX Finance dropped 38% to $3.41. It hit our predicted low, but buyers stepped in for a 10% bounce.

What’s next for MYX?

Steady buying could spark recovery. But more weakness might crush it further. Altcoins often follow Bitcoin, so BTC’s move matters.

News That Didn’t Save the Day

Some positive news came out, but it couldn’t stop the sell-off:

• Cardano boost: Input Output CEO Charles Hoskinson said LayerZero will come to Cardano. This follows Citadel Securities’ investment and Midnight’s mainnet launch. Big for interoperability, but market ignored it.
• Stellar expansion: Stellar Development Foundation partners with TopNod wallet. TopNod uses key sharding and TEE tech for tokenized real-world assets and stablecoins. Aimed at Asia growth, but low buzz so far.

These are steps forward, yet fear won. In bear markets, good news often gets shrugged off.

Technical Breakdown: Supports and Resistances

Let’s dive deeper into charts:

1. Market Cap (TOTAL): Support at $2.28T, next $2.22T. Resistance $2.37T.
2. Bitcoin: Key levels – Support: $65K, $62.9K. Resistance: $70K, $72.3K.
3. MYX: Bounce from $3.26? Watch $3.62 for upside.

RSI is oversold on many coins – a sign of possible rebound. But MACD shows bearish crossovers. Patience is key.

Broader Factors Fueling the

Beyond crypto:

• Macro fears: High interest rates and stock market wobbles spill over.
• Regulatory noise: Ongoing talks on rules make investors nervous.
• Whale moves: Big holders selling adds pressure.

The fear index is high, like during past dips. History shows rebounds after such panic.

What to Do Now: Trader Tips

In this , stay calm:

• Dollar-cost average: Buy dips if you believe long-term.
• Set stops: Protect against more downside.
• Watch BTC dominance: Rising means altcoins suffer more.
• News alerts: Fed moves or ETF flows could change everything.

Opportunists are buying MYX lows – could be smart if recovery starts.

Outlook: Recovery or More Pain?

Short-term: Bearish until $65K holds for BTC. Long-term: Bullish if macro improves. A sentiment flip could send us back up fast.

Key to watch:

• BTC closing above $70K.
• TOTAL reclaiming $2.37T.
• Volume surge on buys.

The $43 billion drop hurts, but crypto is volatile. This could be a buying chance.

Final Thoughts

The is driven by fear, weak BTC, and altcoin pain. News like Cardano-LayerZero and Stellar-TopNod are bright spots. Stay informed, manage risk, and position for the rebound. Crypto always bounces back stronger.

Want daily updates? Subscribe to our newsletter for more insights.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.