The total crypto market cap (TOTAL) and Bitcoin (BTC) are both taking minor hits, falling slightly on the daily chart. This decline is due to the August 7 tariff announcement from the US President, highlighting the upcoming tariffs on other countries. Fartcoin (FARTCOIN) took the biggest hit among altcoins as it fell by nearly 11% today.
In the news today:-
- Changpeng Zhao, former CEO of Binance, requested a Delaware court dismiss FTX’s lawsuit, citing a lack of jurisdiction since he’s not a US or Delaware resident. FTX seeks to recover $1.76 billion from Binance, involving ambiguous transfers between the two firms.
- The SEC clarified how liquid staking tokens (LSTs) fit within securities laws, easing some existing rules while remaining cautious. While the statement is non-binding, it offers valuable clarity for crypto firms, although the SEC’s stance may change in the future.
The Crypto Market Slips
The total crypto market cap has fallen by $83 billion, currently standing at $3.65 trillion. This drop is driven by rising uncertainty, particularly due to the upcoming tariff announcement from former President Trump.
TOTAL is holding above the $3.61 trillion support level after failing to break through the $3.73 trillion resistance. The market sentiment remains cautious, with traders monitoring the broader economic situation.
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If the market fails to maintain the $3.61 trillion support, a decline to $3.49 trillion is likely. On the other hand, if bullish momentum returns, a bounce could push the market cap back to $3.73 trillion. Breaking this resistance would open the path for further growth towards $3.81 trillion.
Bitcoin Continues To Hover Under Resistance
Bitcoin’s price is currently at $113,476, failing to surpass $115,000 in the last 24 hours. The crypto king is facing a downtrend, reflected by the Parabolic SAR indicator above the candlesticks. Market sentiment remains cautious, with investors awaiting a clearer direction in the coming days.
If the selling continues, Bitcoin’s price is likely to slide towards the $111,187 support level. This would mark a monthly low, further confirming the bearish trend.
However, if demand surges, Bitcoin’s price could reclaim the $115,000 level. Successfully surpassing this resistance would bring BTC closer to $117,261, invalidating the bearish outlook. A sustained push above $115,000 would signal renewed bullish momentum in the market.
Fartcoin Retraces to Falling Below $1
FARTCOIN’s price has dropped nearly 11% over the last 24 hours, making it the worst-performing altcoin of the day. Currently trading at $0.91, the meme coin is under pressure.
The major challenge for FARTCOIN is to prevent further declines and reclaim the $0.92 support level. Successfully stabilizing at this level could pave the way for a rise beyond $1.02, pushing the meme coin back over $1.00.
However, if selling pressure persists, FARTCOIN’s price could fall to $0.80, invalidating the bullish thesis. This would indicate a more substantial downturn, with the possibility of continued losses in the market.
The post Why is The Crypto Market Down Today? appeared first on BeInCrypto.
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Aaryamann Shrivastava
https://beincrypto.com/why-is-the-crypto-market-down-today/
2025-08-06 04:37:00
