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The total value of the cryptocurrency market (TOTAL) and Bitcoin (BTC) faced problems following Mt. Gox’s $5 billion move. The emerging downward trend also affected altcoins. Lido DAO (LDO) witnessed a sharp decline. So, what are the expectations after the downward momentum in the cryptocurrency markets?
Total Value in Cryptocurrencies
With the Mt. Gox news increasing the downward trend among investors, the total cryptocurrency market value formed a downward candlestick on the charts today. The total value of all cryptocurrencies dropped by $45 billion. However, TOTAL still remains around the fundamental support of $2.50 trillion at $2.48 trillion. If this value loses its upward momentum, it could cause the crypto market valuation to drop further. This situation could bring TOTAL to the $2.40 trillion level.
Given that Mt. Gox’s $5 billion BTC move has stirred today’s market, Bitcoin’s price may inevitably enter another downward trend. The cryptocurrency’s price fell by just over 2%, causing BTC to lose its support at $68,500. This is a critical support level. Preparing this as a support base is crucial for paving the way for recovery. Although further declines are not expected, bearish market conditions could pull BTC down to $66,000. However, reclaiming $68,500 as support could reignite optimism.
Impact of the Decline on Altcoins
On the other hand, Lido DAO’s price significantly increased in the second half of May. However, it showed different behavior in the last 24 hours. LDO approached breaking the critical resistance of $2.6 as the market winds shifted from bullish to bearish. As a result, Lido DAO failed to breach and fell to $2.4. Investors and the market need to exert pressure to attempt another breach. If this does not happen, LDO could fall to $2.2. Consequently, Mt. Gox’s $5 billion BTC move caused a decline in the crypto market. The total market value decreased by $45 billion. BTC and altcoins declined. Lido DAO fell to $2.4.
