Cryptocurrency market capitalization fell by a record $ 161 billion per day

The total capitalization of the crypto market fell by $ 161 billion overnight, coinciding with lower expectations for a rate cut by the US Federal Reserve and a sell-off in tech stocks on the Nasdaq. Bitcoin BTC $76,753.22 Mezo Wrapped BTC -1.82% Market capitalization $0.1 billion VOL. 24 hours $0.96 billion dropped to $ 85,500 during the intraday low, and the MYX Finance token (MYX) lost more than 18%, topping the list of the leaders of the fall among altcoins.

According to BeInCrypto, the total capitalization of the crypto market is now $ 2.92 trillion, dropping below $ 3 trillion for the first time in five months. If the pressure persists, the market could shrink to $ 2.8 trillion. Experts attribute the drop to the «risk-off» sentiment of investors, who are reducing the share of risky assets due to macroeconomic uncertainty.

Bitcoin dropped by almost 6% per day and is trading around $ 86,100. The price is still above the support level of $ 85,200, but rising volatility and weakening trader sentiment could trigger a further decline to $ 82,500. To resume its short-term positive momentum, BTC needs to gain a foothold above $ 86,800 and overcome the $ 89,800 level.

At the same time, there was news on the market that increased investor nervousness. FG Nexus sold $ 32.7 million worth of Ethereum to buy back its own shares after the value of its paper fell by 94% in four months. In the UK, prosecutors have launched an investigation against Basis Markets — two people are suspected of fraud worth $ 28 million related to the 2021 crypto project.

Among the altcoins, MYX Finance showed the worst performance, falling by 18.3% and currently trading just above $ 2.46. The token’s Relative Strength Index (RSI) has fallen below the neutral zone, indicating that seller pressure remains. If market conditions deteriorate, MYX could fall to $ 2.18, and if it recovers, it could return to $ 3.00.