24/7 Cryptocurrency News

Crypto Market Cap Sinks Under $1 Trillion, Bitcoin At One-Week Low

Published by
Crypto Market Cap Sinks Under $1 Trillion, Bitcoin At One-Week Low

Selling pressure has resumed once again in the crypto market as the broader cryptocurrency market cap sinks under $1 trillion. Earlier today, the world’s largest cryptocurrency Bitcoin touched a one-week low and is currently trading close to $21,100 levels.

Bitcoin once again comes under selling pressure as BTC failed to give a weekly closing above its 200 WMA, thus failing to convert the resistance into a support level.

This recent retreat has put a dent in Bitcoin’s sustained rebound raising the possibility that the BTC price can once again sink under $20,000 levels. Speaking to Bloomberg TV, Katie Stockton, co-founder of Fairlead Strategies said:

“We’ve had some stabilization over the past few weeks and that gave some folks confidence that perhaps a bottom was being put in place. We’re not so convinced.”

Global Macros To Influence Market Movement

All eyes are currently on the global macros and the Fed interest rate hike announcement coming ahead this week. As per industry experts, the Fed is likely to announce a 75 basis points rate hike this week. However, with June inflation numbers coming higher than expected, there’s enough possibility of a 100 basis points hike.

On the other hand, there’s growing regulatory scrutiny in the crypto space currently. The U.S. SEC has stepped up measures following the crypto market crash and bankruptcies filed by some of the biggest crypto lenders. Reportedly, the U.S. SEC is also investigating crypto exchange Coinbase over their alleged listing of security tokens.

Under these conditions, the cryptocurrency market is likely to stay volatile going ahead. Popular crypto market analyst Rekt Capital explains:

“After a strong week last week, the #Crypto market looks set for a minor pullback BTC, $ETH and many Altcoins appear to be positioned for healthy dips which could figure as key retests of previous resistances into new supports”.

For Bitcoin, $20,000 remains a crucial support level as of now.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin

The official X account BNB Chain has been compromised, with recent posts promoting a meme…

October 1, 2025
  • 24/7 Cryptocurrency News

Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash

Trump-backed Thumzup Media has invested $2.5 million in DogeHash Technologies. This is in a bid…

October 1, 2025
  • 24/7 Cryptocurrency News

BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing

21Shares SUI and Polkadot ETFs were listed on the DTCC website. The listing indicates progress…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians

The U.S. Securities and Exchange Commission (SEC) has issued a new guidance. This allows investment…

October 1, 2025
  • 24/7 Cryptocurrency News

Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts

Federal Reserve Bank of Chicago President Austan Goolsbee has warned that inflation risks could outweigh…

October 1, 2025
  • 24/7 Cryptocurrency News

David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community

David Schwartz has announced plans to step down from his role as Ripple's Chief Technology…

October 1, 2025