Amidst negative global cues, the cryptocurrency market witnessed a notable downturn on Thursday, with Bitcoin dropping 4% to $64,278 and Ethereum declining over 3% to $3,156. This downward trend extended to other major cryptocurrencies, including Solana (-6.8%), XRP (-4%), Dogecoin (-6.4%), Toncoin (-6.5%), Cardano (-6%), Shiba Inu (-7.7%), and Avalanche (-9.1%), all registering losses.
According to the CoinDCX Research Team, the crypto market faced headwinds due to renewed tensions in the Middle East and concerns about China’s economic health, which impacted investor confidence. Additionally, slowed inflows into Exchange-Traded Funds (ETFs) contributed to the prevailing negative sentiment. Consequently, the global cryptocurrency market cap fell by 3.9% to around $2.37 trillion within the last 24 hours.
Data from CoinMarketCap reveals that the total volume in Decentralized Finance (DeFi) stands at $6.33 billion, constituting 7.64% of the total crypto market’s 24-hour volume. Meanwhile, the volume of all stablecoins has reached $76.85 billion, comprising 92.72% of the total crypto market’s 24-hour volume. In the same period, the market cap of Bitcoin, the world’s largest cryptocurrency, dropped to $1.265 trillion, with Bitcoin’s dominance currently at 53.39%, according to CoinMarketCap. BTC volume in the last 24 hours surged by 27.6% to $30.8 billion.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, provided insights into the technical outlook for Bitcoin, highlighting resistance at $67,687 and support at $63,654. Vishwanath suggested that bullish sentiment prevails above $65,825; however, a breach of this pivot point could trigger a downtrend.
As market participants navigate through these challenging conditions, close attention is being paid to key levels and indicators for potential shifts in market sentiment and price trajectories.
