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Why did the cryptocurrency market fall today?

The total cryptocurrency market cap (TOTAL) has fallen below the crucial $2.50 trillion support, as has Bitcoin, which is currently trading at $67,300. The mixed signal came from both bearish and macro-bullish developments in the cryptocurrency market, affecting BTC and altcoins, among which Ordinals were hit the hardest.

In today's news: -

  • Today I accepted US Securities and Exchange Commission (SEC) on eight Ethereum (ETH) spot ETF filings. However, S-1 registration approval is still pending, so it will take some time before these ETFs are listed.

  • The US House of Representatives has voted to pass the state's CBDC anti-surveillance law. This amends the Federal Reserve Act of 1913 to prevent Federal Reserve banks from offering and using central bank digital currencies for monetary purposes.

Decrease in the total market value of cryptocurrencies

The total cryptocurrency market cap fell below the $2.50 trillion support floor. This is a crucial level, and losing it is not a good sign for the market. Given the somewhat bearish macroeconomic conditions, the chances of a decline are much higher.

Due to rising real interest rates, even the announcement of the immediate approval of the Ethereum ETF could not counter the downward trend, leading to an overall market decline. This decline could continue, with the Total falling to $2,390 billion.

Analysis of the total market capitalization of cryptocurrencies.
Analysis of the total market capitalization of cryptocurrencies. Source: Commercial view

However, if $2.50 is reclaimed, the winds could turn in favor of the rally, pushing TOTAL to $2.60 trillion.

Bitcoin price loses major support level

Bitcoin price hit a red candle for the fourth day in a row, falling from a high of $71,800 to $67,293 at the time of writing. When BTC fell below the $68,500 support, it extended the downtrend among investors, which could lead Bitcoin towards the next crucial support of $64,883.

Bitcoin price analysis.
Bitcoin price analysis. Source: Commercial view

On the other hand, despite the decline, BTC is moving within the flag pattern it has been in since early February. Reclaiming the $68,500 support could resume this bullish bias, which could take BTC back to $71,800.

The ordinal ranking loses on the rise

The price of ordinals has been on an upward trend over the past 10 days, but has fallen over the past 24 hours. The altcoin has seen a 10% decline over this span, leaving ORDI changing hands at $37.4 for now.

As a result, the possibility of a breakout of the critical resistance at $44 appears to be delayed, as ORDI would need to see a 12% rally to reach this price.

Analysis of ordinary prices.
Analysis of ordinary prices. Source: Commercial view

But if you succeed, you will not only succeed in invalidating the bearish thesis, but you will also increase the profits of ORDI holders.

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