The total crypto market value is stabilizing after experiencing selling pressure in the last 24 hours. Bitcoin’s price missed the opportunity to establish a support base at $70,000 for the same reason. Among altcoins, the Solana-based memecoin project POPCAT emerged as the biggest loser. Here are the notable developments and important details.
What’s Happening in the Crypto Market?
The total crypto market value was maintaining a slight upward trend before being interrupted by FUD among investors. The market panicked when the US government moved $2 billion worth of Bitcoin seized from Silk Road to a new address, expecting officials to sell these assets.
As a result, during the intraday peak, TOTAL recorded an inflow of $62 billion and an outflow of $23 billion. Skepticism pulled the total value of all crypto assets to $2.33 trillion, and TOTAL is now expected to consolidate below $2.40 trillion until the market rally is revived.
Current Status of Bitcoin
At the time of writing, Bitcoin is trading at $66,500, reflecting the outcome of sudden sales due to fear of loss. Before FUD took over the market, Bitcoin had managed to surpass the $70,000 resistance for the first time in nearly two months.
This would have allowed the crypto asset to break out of the descending broadening wedge and start a rally. Investors will now have to wait for a while before a new all-time high is formed. Bitcoin also has the potential to drop to $65,000 as it is below the $67,100 support. Losing this support will send the cryptocurrency to $63,100.
POPCAT Chart Analysis
After BONK lost its position as the biggest loser, the Solana-based memecoin project POPCAT, which calls itself the next big thing, dropped more than 15% in the last 24 hours, trading at $0.074.
POPCAT recorded its all-time high nine days ago, but its attempt to form a new ATH over the weekend failed. As a result, the memecoin is currently holding above the $0.72 support. If the altcoin rises from this support, a recovery towards the $0.83 level is possible. Surpassing this level will invalidate the bearish thesis.
