🚨 #Why is Market Down Today#
Crypto Dips $66B as Altcoin ETF Delays Spark Risk-Off Sentiment
The crypto market just saw a sharp pullback, shedding $66 billion in value as total market cap dropped to $3.83 trillion.
📉 Key Highlights:
>> Bitcoin ($BTC) remains rangebound near $118,335, with strong support at $117,261 and resistance at $120,000.
>> Ethereum ($ETH) is holding above $3,700, down 2.5% in 24h, supported by continued ETF inflows.
Altcoins are bleeding:
Cardano (ADA): -6%
Dogecoin (DOGE): -7%
XRP: -4%
🔍 What Triggered the Drop?
The U.S. SEC delayed decisions on several key altcoin ETFs, including the Truth Social Bitcoin ETF (pushed to Sept 18) and Grayscale’s Solana Trust (now Oct 10). This delay spooked investors, prompting a capital rotation from altcoins into Bitcoin.
💡 Sentiment Snapshot:
● Bitcoin’s RSI still signals bullish momentum.
● Market support holding at $3.81T — but a break below could target $3.73T.
● Altcoin exposure is being trimmed as regulatory uncertainty weighs on risk appetite.
📊 With Bitcoin still consolidating and altcoins under pressure, eyes are on whether BTC breaks $120K or slips under support. Either move could decide the market’s next trend.
🔁 Stay updated
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