Today’s Crypto Market Crash: $120 Billion Wipeout as Bitcoin Dips Below $90K
Today’s : $120 Billion Wipeout as Bitcoin Dips Below $90K
The crypto world is reeling from a sharp drop today. The total market cap lost over $120 billion in just 24 hours, falling to around $2.98 trillion. This pushed it below the key $3 trillion mark. Bitcoin led the fall, dropping 3.6% to near $89,225. It broke below the important $90,000 level. Monero saw the biggest pain, down 21% to about $491.
What Happened to the Total Crypto Market Cap?
The total crypto market cap, often called TOTAL, took a big hit. It shed $120 billion and now sits at $2.98 trillion. This breach of $3 trillion shows investors are pulling back. Risk aversion is high due to macro issues.
Selling spread across the board. Traders are rethinking holdings amid global worries. If this keeps up, the next support is at $2.92 trillion. That could mean more pain.
But recovery is possible. Stable global markets and better risk mood could lift TOTAL back to $3 trillion. Breaking above that might target $3.05 trillion, easing the bear pressure.
Why Is the ?
Several factors sparked this
Second, gold prices are rising. This pulls money from crypto, seen as a risky bet. Gold acts as a safe haven, making crypto look weak.
These macro forces outweigh good news. For example, a big firm bought lots of Bitcoin right before the drop. Yet, the market ignored it amid fear.
- Tariff risks: Trump’s Europe threats raise trade war fears.
- Gold surge: Safe-haven flows hurt crypto’s appeal.
- Broad selling: Panic hits altcoins hard.
Bitcoin’s Big Drop: Key Levels to Watch
Bitcoin (BTC) fell 3.6% in 24 hours to $89,225. Losing $90,000 shook confidence. Now, it tests $89,241 support.
If this holds, buyers might step in. BTC could climb back to $90,000 and aim for $91,298 resistance. That would signal short-term strength.
But danger lurks below. A break of $89,241 opens the door to $87,210. That would confirm bears are in charge, killing recovery hopes.
Despite the dip, one company showed faith. It bought 22,305 BTC for $2.13 billion – its biggest since late 2024. Holdings now top 709,715 BTC. This long-term bet highlights conviction. But even its shares fell over 7%, showing market fear.
Monero’s Brutal 21% Plunge
Monero (XMR) was the day’s worst loser. It dropped 21% to $491, under $500. Privacy coins like XMR suffer in risk-off times.
On-chain data shows outflows. Holders are selling, doubting the asset. This could push XMR to $450 if unchecked.
Hope exists for bulls. Reclaiming $500 flips the script. It could rally to $560, recovering some losses.
Other News Amid the Chaos
Not all is doom. Trump Media & Technology Group plans a token airdrop. Eligible shareholders get tokens via Crypto.com on February 2, 2026. Holding one DJT share qualifies you. This could boost crypto interest later.
But today’s
Historical Context: How Does This Compare?
Crypto dips like this are common. Remember early 2024 corrections? Markets rebound strong after fear peaks. Today’s $120 billion wipeout is big but not historic. Total cap was $2.5 trillion months ago – it’s still up overall.
Key difference: Macro ties are tighter now. Tariffs and gold compete directly. Watch Fed moves and trade news for clues.
Technical Outlook for Recovery
| Asset | Current Price | Key Support | Key Resistance |
|---|---|---|---|
| Total Market Cap | $2.98T | $2.92T | $3.05T |
| Bitcoin (BTC) | $89,225 | $89,241 / $87,210 | $90,000 / $91,298 |
| Monero (XMR) | $491 | $450 | $500 / $560 |
These levels matter. Holding support means bounce potential. Breaks mean deeper falls.
What Should Traders Do Now?
- Stay calm: Dips are buy chances for long-term holders.
- Watch macros: Tariff news and gold prices set the tone.
- Key levels: Defend supports for upside.
- Diversify: Don’t go all-in on one asset like XMR.
- News flow: Token airdrops could spark later rallies.
The
Final Thoughts on the
Today’s drop blends macro fears and technical breaks. Bitcoin below $90K and TOTAL under $3T hurt sentiment. Monero’s plunge highlights altcoin risks. Yet, big buys and future airdrops offer hope.
Track supports closely. A hold could flip the script fast. Crypto remains volatile – trade smart.
Stay updated on prices and news. The market moves quick.
