The total crypto market cap dropped by $186 billion in just 24 hours. The current total stands at $3.35 trillion. This sudden drop has alarmed investors and triggered panic selling in the markets. 

Trump Crypto Market Effect

Two major reasons are behind this sharp market downturn. First, former President Donald Trump accused China of violating the U.S. trade agreement. In a post on Truth Social, Trump stated that China had “completely violated” the deal. The statement caused global markets to wobble. Bitcoin briefly surged to $106,000 after the post but quickly dropped back to $103,000. 

The second reason is the decreased likelihood of an interest rate cut by the Federal Reserve. Yesterday’s positive PCE inflation data reduced expectations of a rate cut. According to Polymarket data, there’s only a 4% chance of a rate cut on June 18. This led investors to pull out from risky assets. 

Additionally, $12.1 billion worth of BTC and $2.13 billion worth of ETH options expired, causing sharp price movements in the market. 

Political uncertainty and macroeconomic developments are putting pressure on the crypto market. Investors should proceed cautiously. Market volatility is expected to continue in the near future. 

Sharp Declines in Altcoins 

Bitcoin’s drop negatively impacted the altcoin market as well. Ethereum (ETH) fell by 4.5%, approaching below $2,500, while XRP declined by 3.9% to $2.13. Major altcoins like Dogecoin (DOGE), Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), and Avalanche (AVAX) saw losses ranging from 5% to 9%. 

Lower-cap altcoins suffered even steeper losses. Meanwhile, coins like Ethena (ENA), Injective (INJ), and PEPE recorded double-digit percentage drops. 

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The post Crypto Market Plunges: Bitcoin, Ethereum, Dogecoin See Sharp Losses appeared first on Coin Engineer.

We are going into the weekend in Bitcoin, and since it’s the weekend, there is a lack of volume in the market. We can expect Bitcoin’s lateral movement, which will cause good increases in altcoins.

‣ Bitcoin (BTC) BTC/USD pair is trading at $37770 with a 0.14% increase at the time of writing. Resistance levels for BTC are in the 37800 dollar – 38000 dollar range and support levels are in the 37000 dollar – 36400 dollar range.

‣ Ethereum (ETH) ETH/USDT pair is trading at $2089 with a 0.36% increase at the time of writing. Resistance levels for ETH are in the 2090 dollar – 2130 dollar range, support levels are in the 2000 dollar – 1967 dollar range.

‣ Waves (WAVES) WAVES/USD pair is trading at $2.17 with a 3.52% increase at the time of writing. Resistance levels for WAVES are in the 2.25 dollar – 2.41 dollar range and support levels are in the 2.16 dollar – 2.09 dollar range.

‣ Solana (SOL) SOL/USD pair is trading at $58.69 with a 3.18% increase at the time of writing. SOL resistance levels are in the 61.37 dollar – 65.89 dollar range and support levels are in the 56.34 dollar – 51.56 dollar range.

‣ Horizen (ZEN) ZEN/USD pair is trading at $10.50 with a 3.10% increase at the time of writing. Resistance levels for ZEN are in the 11.08 dollar – 11.70 dollar range and support levels are in the 10.11 dollar – 9.53 dollar range.

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At the moment, Bitcoin is continuing its sideways movement. Closures below the $26,000 level could be a negative sign for Bitcoin. It appears challenging to predict which direction Bitcoin will move in right now. There is anticipation of market volatility based on the Bitcoin spot ETF applications set to be announced tomorrow.

You might like: SEC Ethereum ETF Decision: Approval Anticipation

The Latest Status of Cryptocurrencies

• Bitcoin (BTC) is trading at $26,332 with a 0.63% decrease against the BTC/USD pair. The resistance levels for BTC are in the range of $26,800 to $28,200, while the support levels are in the range of $26,000 to $25,000.
• Ethereum (ETH) is trading at $1,681 with a 0.24% decrease against the ETH/USDT pair. The resistance levels for ETH are in the range of $1,694 to $1,731, while the support levels are in the range of $1,642 to $1,550.
• Optimism (OP) is trading at $1.47 with a 0.45% decrease against the OP/USD pair. The resistance levels for OP are in the range of $1.52 to $1.59, while the support levels are in the range of $1.36 to $1.18.
• Avax (AVAX) is trading at $10.7 with a 0.84% decrease against the AVAX/USD pair. The resistance levels for AVAX are in the range of $11.3 to $12.6, while the support levels are in the range of $10.5 to $9.07.
• Litecoin (LTC) is trading at $66.46 with a 1.84% increase against the LTC/USD pair. The resistance levels for LTC are in the range of $69.06 to $78.47, while the support levels are in the range of $60.75 to $50.18.

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The post The Latest Status of Bitcoin and Cryptocurrencies! – August 21 appeared first on Coin Engineer.