Bitcoin Near $119K Amid $120 Billion Crypto Market Dip Led by Memecoin Losses
Main Idea
The crypto market saw a $120 billion decline driven by significant losses in memecoins like Dogecoin, Shiba Inu, and Pepe, while Bitcoin remained stable near $119,000 amid regulatory uncertainties.
Key Points
1. Memecoins led the market decline with Dogecoin down 7.99%, Shiba Inu 6.30%, and Pepe 9.06%, reflecting heightened volatility.
2. Bitcoin held steady near $119,000, showing resilience despite the broader market downturn, with a daily RSI at 60.9 and stable On-Balance Volume (OBV).
3. Regulatory uncertainty, including delays in U.S. SEC decisions and concerns over exchange stability in India, contributed to cautious investor sentiment and sell-offs.
4. The total crypto market cap dropped from $3.92 trillion to $3.80 trillion within 24 hours due to widespread sell-offs in high-risk tokens.
5. Smaller cap coins like Fartcoin plummeted over 17%, while other tokens like Bonk and Floki saw declines exceeding 9%.
Description
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