The crypto market is currently experiencing a significant outflow of billions of dollars due to a surge in selling. This has led to a drop in the total market capitalization, with about $56 billion being removed from the market in the last 24 hours. The total value of all crypto assets is now at $2.40 trillion, almost losing the crucial support of $2.39 trillion. The US inflation report, expected to arrive within the next 24 hours, is also adding to the uncertainty in the market.
Bitcoin, which had been on an uptrend since the beginning of May, is facing selling pressure. The price of Bitcoin fell below the uptrend line, causing a 2.36% correction in a day. BTC is currently trading at $67,890, having lost the critical support of $68,500. If Bitcoin falls through the support of $67,524, it is likely to slip to $66,000, which marks the next crucial support level. Investors are closely monitoring the price movements of Bitcoin amidst the current market conditions.
Notcoin (NOT) is also witnessing a significant correction, making it the biggest loser of the day. The price of Notcoin fell by 16% in the span of 24 hours, most of which occurred in the last eight hours. The altcoin is currently trading at $0.0162, having lost the support of $0.0179. If the downtrend continues, Notcoin could tumble to $0.0130, which is the next critical support level. Recovery for Notcoin seems difficult at the moment, and confirmation will only arrive when the price flips $0.0179 back into support.
As with any investment, it is essential to conduct thorough research and consult with a professional before making any financial decisions based on market analysis. The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Market conditions are subject to change without notice, and it is crucial to stay informed and make informed decisions based on your individual financial situation. BeInCrypto is committed to accurate and unbiased reporting, but it is always recommended to verify information independently.
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