The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) appears to be finally cooling off after the shocking growth of recent days. Joining them for the moment is Artificial Superintelligence Alliance (FET), which is emerging as the worst performing asset today, down 18%.
In today’s news:
- The US government is aiming to confiscate a cryptocurrency account linked to Sam Bankman-Fried, allegedly used to bribe Chinese officials before the collapse of FTX in 2022. The account currently has value of 18.5 million USD, an increase of nearly 10 million USD in the context of this year’s bull market.
- Canary Capital proposed a first-of-its-kind Hedera HBAR spot ETF to the SEC, with the intention of holding HBAR directly without going through derivatives. Shareholders will receive cash, simplifying transactions, following the recent launch of an HBAR Fund for accredited investors.
Cryptocurrency Market Cools Down
The total cryptocurrency market capitalization has dropped by $70 billion in the past 24 hours as the recent strong rally begins to subside. This pullback comes after a period of significant growth in recent days, with TOTAL unable to clear the key resistance level at $3 trillion.
The downtrend may continue, as this upward momentum appears to have reached a market peak. If profit-taking occurs, the total cryptocurrency market capitalization could fall further, potentially falling to $2.75 trillion, reinforcing the near-term bearish outlook across the entire sector.
However, if optimism returns, TOTAL could recover above $2.90 trillion, with the potential to retest $3.00 trillion once again. Such a recovery will increase investor confidence, pushing the market towards new heights.
Bitcoin Sees Red
Bitcoin price has paused its streak of reaching new highs, currently trading at $87,615, below its recent peak of $89,922. This temporary retracement signals the possibility of stabilization as BTC regains balance near historical highs.
If the correction continues, Bitcoin could fall to $85,000, a level at which further declines could encourage investors to take profits. This selling pressure could lead to a short-term correction, affecting BTC’s upward momentum.
However, if positive macro signals continue, Bitcoin could regain strength, positioning itself to surpass its historic peak of $89,922. A successful price increase could push BTC to the coveted $90,000 mark, renewing investor optimism.
FET Loses Gaining Momentum
FET price has dropped 18% in the past 24 hours, penetrating the $1.40 support level and currently trading at $1.29. The next key support level for FET is $1.04, which could provide temporary stability if selling pressure continues.
Despite the sharp decline, a sustained withdrawal seems unlikely. FET may attempt a recovery, attempting to reclaim the $1.40 support level. If successful, that would restore investor confidence and help the altcoin recover its losses over the past day.
A strong rebound could take FET to $1.71, a key resistance it failed to overcome in September. Reaching this level would mark a solid recovery and pave the way for further gains. next chief.