The crypto market has taken a significant hit today, with Bitcoin, Ethereum, and most altcoins experiencing steep declines. The market cap has dropped by 9%, causing concern among market participants. This downturn is associated with pressures on traditional markets, including the S&P 500 and NASDAQ, which have fallen due to U.S. trade tariffs impacting Canada, Mexico, and China.
Bitcoin Price Decline
Bitcoin's price is continuing its downward trajectory, currently at $83,640 after shedding 9.07% in the last day. The intraday trading volume remains strong at $73.78 billion. If Bitcoin's price fails to hold above the $82,000 support level, it may drop further toward $80,000. However, a recovery above $86,000 might ignite a rebound toward $90,000.
How the Situation Affected Ethereum?
Ethereum has been adversely affected by increasing ETF outflows, which have risen to $164 million in the past week, along with liquidations reaching $209 million. These factors, combined with broader market turmoil, have led to ETH's price plummeting by 14% overnight. Currently hovering around $2,087, ETH could fall below the $2,000 mark, testing the $1,900 support level. In contrast, a strong push above $2,200 could drive the price to $2,400.
XRP Price Overview
XRP price has fallen by 16% to $2.36 at the time of writing. The token has faced heavy selling pressure, with long liquidations tallying up to $50 million. A further drop could see XRP sliding to $2.20. A break below $2.20 might lead to testing $1.76 and possibly $1.55, where the 200-day SMA lies. However, a bounce above $2.48 could pave the way for a recovery toward $3.00.
The cryptocurrency market continues to face challenges due to external factors and internal pressures. Market participants are closely monitoring the situation, hoping for a quick recovery.
