The total crypto market cap (TOTAL) and Bitcoin (BTC) price plunged in the last 24 hours following US President Donald Trump’s announcement of new international trade tariffs set to take effect this week. The news triggered panic across the crypto market, causing altcoins like Floki (FLOKI) to drop 31% in a day.
In the news today:-
Sam Bankman-Fried filed an appeal on January 31, claiming judicial bias led to an unfair trial. His lawyers argue FTX customers faced no losses, citing investments in Anthropic, Solana, and Mysten Labs as key to creditor recovery.
US spot Bitcoin ETFs saw nearly $5 billion in inflows in January, with Bitwise’s Matt Hougan projecting over $50 billion by year-end. He noted volatility in flows but expects strong annual growth compared to 2024’s $35.2 billion total.
The Crypto Market Falls 2-Month Low
The total crypto market cap dropped by $379 billion, losing the critical $3.00 trillion support level. Currently standing at $2.96 trillion, the decline has increased market uncertainty. Investors are closely watching whether TOTAL can stabilize or if further downside is imminent.
If the downturn continues, TOTAL risks losing the $2.93 trillion support level. A break below this threshold could trigger further market-wide losses, potentially leading to a more extended correction.
However, if the market finds stability and TOTAL bounces off the $2.93 trillion support, recovery could follow. A strong rebound could push TOTAL back toward the $3.10 trillion barrier, restoring investor confidence and signaling a potential trend reversal.
Bitcoin Loses The Support of $95,000
Bitcoin’s price declined by 7.2% in the last 24 hours, currently trading at $93,391 after falling below the critical $93,625 support level. The bearish momentum has intensified, raising concerns among investors about further downside risk. BTC needs strong buying pressure to regain stability.
Over the past four days, Bitcoin has lost $11,000 in value following its failure to breach the $105,000 resistance. This sharp correction has weakened market confidence, prompting increased selling pressure.
If Bitcoin fails to recover from its current position, it could slip below $92,005, potentially dropping to $90,000. However, reclaiming $93,625 as support could trigger a rebound, allowing BTC to retest $95,668 and restore some of its recent losses.
Floki May Struggle To Recover
FLOKI dropped 31% in the past 24 hours, making it the worst-performing token of the day. Currently trading at $0.00007997, the meme coin is struggling to regain momentum after the sharp decline.
Despite holding above the $0.00007132 support level, FLOKI has reached an 11-month low. While further declines appear limited, losing this support could push the altcoin below $0.00007000.
For FLOKI to invalidate the bearish outlook, it must reclaim $0.00009357 as support. A successful recovery above this level could send the token toward $0.00011036, signaling a potential reversal and restoring investor confidence in the short term.
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