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.
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.
This slowdown hints at weekend caution. Traders often pull back before weekends, adding to the bearish vibe from the past 48 hours.
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.
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.
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.
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.
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:
Volatility could spike over the weekend, creating buy chances.
| Asset | Current Price | Key Support | Key Resistance |
|---|---|---|---|
| Total Cap | $3.08T | $3.05T / $3.00T | $3.09T / $3.16T |
| Bitcoin | $91,063 | $90K / $89,241 | $91,511 / $93,471 |
| Zcash | $434 | $442 / $363 | $500 |
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.
Don’t panic. Here’s simple advice:
If BTC holds and reclaims highs, alts like ZEC could follow. But brace for $3T test if bears win.
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?
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