💥💥💥 Why Is the Crypto Market Down Today?
Crypto Market Reacts to US Jobs Report: Major Declines and Institutional Moves
The total #cryptocurrencymarket capitalization has dropped significantly following the recent US Non-farm payrolls report. Bitcoin ($BTC ) has fallen over $6,000 in four days, while Bittensor ($TAO ) has seen a dramatic 45% decline in the past week.
Key Developments:
- Liquidations Surge: Over $800 million worth of liquidations occurred in the past 24 hours, with nearly $700 million from long contracts.
- Institutional Sales: Paradigm and Grayscale have sold $1.23 billion worth of Ethereum ($ETH ), contributing to the price decline.
Market Overview:
The total crypto market cap fell by nearly $300 billion in 24 hours, reaching $1.81 trillion, a five-month low. This follows a weak US jobs report, with new jobs falling from 179,000 in June to 114,000 in July and the unemployment rate rising to 4.3%.
Geopolitical tensions, particularly between Iran and Israel, also contribute to negative market sentiment. If the market cap drops below $1.80 trillion, it could fall further to $1.69 trillion, though a rebound could push it toward $2.00 trillion.
Bitcoin's Price Slide:
#Bitcoin’s price has dropped to $52,780 from $65,000 over the past week, hitting a five-month low and breaking through key support levels. Recovery is anticipated from the $52,300 support level, but a fall below this could lead to a drop to $50,000, a critical psychological level.
Bittensor's Decline:
Bittensor has faced severe losses, with a 25% drop in the last 24 hours and a 45% decline over the past week. Currently trading at $197, TAO has broken below the $217 support level. The next support level is $168, which could act as a potential reversal point.
Source - beincrypto.com
