Crypto Market Bloodbath: as BTC Dips and Altcoins Reel

The crypto world is buzzing with worry right now. The total market cap has taken a hit, dropping $14 billion in the last 24 hours. Bitcoin briefly fell below $90,000, and altcoins like Zcash are down over 7%. If you’re wondering , we’ve got the key reasons broken down simply. From platform dramas to tech glitches, here’s what’s shaking the market.

Quick Market Snapshot: The Numbers Don’t Lie

The total crypto market cap, often called TOTAL, now sits at $3.08 trillion. It lost a key support at $3.09 trillion and is holding just above $3.05 trillion. Yesterday’s sharp drop wiped out nearly $80 billion at one point, but buyers jumped in to stop the bleeding.

• Total Cap: $3.08T (down from $3.09T support)
• Bitcoin (BTC): Trading at $91,063 after dipping under $90K
• Zcash (ZEC): Down 7.5% to $434

This slowdown hints at weekend caution. Traders often pull back before weekends, adding to the bearish vibe from the past 48 hours.

Trigger 1: Polymarket’s $10.5M Payout Drama

Prediction markets are hot in crypto, but Polymarket is in hot water. They refused to pay out $10.5 million in bets linked to Nicolás Maduro’s capture by U.S. forces. Users bet on an “invasion,” but Polymarket called it a “snatch-and-extract mission.” Not the same under their rules.

This backlash is shaking trust in decentralized betting platforms. When big payouts get denied, it spooks investors. Expect ripples across DeFi and prediction markets, fueling today’s sell-off.

Trigger 2: Truebit’s $26M Mystery Loss

Cyvers Alerts flagged a suspicious Truebit event. A weird transaction led to a $26 million loss. TRU token’s price crashed 99.95% on-chain for a moment—likely a liquidity snag or bad price feed, not mass selling.

These incidents scream “protocol risk.” In crypto, one glitch can tank prices fast. Investors hate uncertainty, so Truebit’s woes added fuel to the fear fire, pushing the broader market lower.

Altcoin Spotlight: Zcash’s Dev Exit Scare

Zcash is hurting bad, down 7.5% to $434. The pain comes from news of developers exiting. But ECC CEO Josh Swihart stepped in, saying the team is still committed. They’re even building a new wallet.

This calmed nerves a bit, sparking a quick 3% bounce. Still, ZEC’s chart shows an ascending wedge—a bearish pattern. A breakout could mean a 27% drop to $363. To flip bullish, it needs $442 support and a push to $500.

Bitcoin’s Rollercoaster: Bulls Still in the Fight

BTC hit below $90K but bounced to $91,063 fast. Buyers defended key levels like $90K and $89,241—spots with history of demand.

RSI shows fading momentum from overbought conditions and liquidations. But no deep crash yet. Short-term, BTC holds structure. Upside targets: $91,511, then $93,471, eyeing $95K if weekend vibes improve.

Technical Outlook for Total Market Cap

TOTAL at $3.08T is shaky. Downside risk to $3.00T if $3.05T breaks—sign of risk-off mode. But rebound signs are there. If sentiment flips:

1. Reclaim $3.09T as support.
2. Push to $3.16T for bullish reset.

Volatility could spike over the weekend, creating buy chances.

What Caused the Bigger Picture Dip?

Beyond specifics, residual bearishness lingers. Recent highs led to profit-taking. Liquidations wiped leverage. Macro whispers—like stock market wobbles—add pressure. Weekends often see low volume, amplifying moves.

Buyers stepping in shows resilience. No panic sell-off means this could be a healthy pullback before more upside.

Investor Tips: How to Navigate

Don’t panic. Here’s simple advice:

• Watch Supports: BTC $90K, TOTAL $3.05T.
• Dollar-Cost Average: Buy dips if you believe long-term.
• Stay Informed: Track Polymarket resolution and Truebit updates.
• Risk Manage: Use stops below key levels.

If BTC holds and reclaims highs, alts like ZEC could follow. But brace for $3T test if bears win.

Final Thoughts: Light at the End?

boils down to controversies, glitches, and caution. But rebounds in BTC and TOTAL hint at buyer strength. Weekend could bring volatility—good for swings. Keep eyes on charts and news. Crypto’s volatile, but that’s the game.

Stay tuned for more updates as the market moves. What do you think—buy the dip or wait?

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.