Why is The Crypto Market Down Today?
TThe total crypto market (TOTAL) and Bitcoin (BTC) seem to be taking a hit as the market cools down following recent rallies. Leading the altcoins is JasmyCoin (JASMY) with an 11% decline over the last 24 hours.
In the news today:-
- FTX will begin its next bankruptcy repayment distribution on September 30, 2025, with August 15 as the official record date. The payout will cover Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and newly allowed Convenience Claims that have not yet received funds.
- Federal prosecutors presented evidence showing Tornado Cash founder Roman Storm moved millions through Binance and coordinated with co-founders for offshore real estate purchases. IRS-CI Special Agent Stephan George traced over $533,000 in USDT from Storm’s Binance account, moved across three wallet addresses on August 9, 2022.
The Crypto Market Falls Slightly
The total crypto market cap dropped by $81 billion in the past 24 hours, now sitting at $3.84 trillion. Despite the decline, TOTAL remains above the critical support level of $3.80 trillion. Investors should watch for signs of a market recovery or further bearish movement in the coming days.
The overall market sentiment appears slightly bearish as the crypto space cools down following recent rallies. If the downtrend continues, TOTAL could fall towards the support of $3.73 trillion. This decline would further challenge the market’s momentum and could lead to broader losses for altcoins and Bitcoin.
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If the crypto market recovers and demand increases, TOTAL could rise above $3.90 trillion. Such a rebound would likely propel the market towards the $4.00 trillion mark, bringing renewed confidence to both institutional and retail investors. A bullish scenario may take shape if strong upward momentum is sustained.
Bitcoin Continues Its Consolidation
Bitcoin’s price is currently at $119,039, nearing the $120,000 resistance level. The crypto king is consolidating between $117,261 and $120,000, preventing significant losses. This range-bound movement indicates that Bitcoin is not at risk of a steep decline unless it fails to hold above the support levels.
The Relative Strength Index (RSI) suggests that Bitcoin’s bullish momentum is still intact. As the RSI stays above the neutral zone, the upward pressure remains, supporting the altcoin’s ability to sustain its price movement. This ongoing momentum likely ensures continued sideways trading for Bitcoin in the near future.
If Bitcoin’s price successfully breaks through $120,000, it could trigger an upward move to $122,000. A breakout above this critical resistance would invalidate the bearish outlook, signaling further growth.
JasmyCoin Loses Big Time
JASMY is currently down 11% over the last 24 hours, trading at $0.017. Despite this decline, the altcoin is holding above its key support level of $0.0164, which could help limit further losses.
The broader market is showing bearish signals, with the Ichimoku Cloud indicating a bearish momentum for JASMY. This could cause the altcoin to break below its support level of $0.0164, potentially pushing its price down to $0.0150 or even lower, depending on market conditions and investor sentiment.
However, if JASMY bounces off the support at $0.0164, it may recover its recent losses. A successful rebound could propel the price back to $0.0205, signaling a potential reversal and invalidating the current bearish outlook.
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