Crypto Market Takes a Hit Amidst Telegram CEO’s Arrest

Crypto Market Cap Drops Sharply 

In less than two weeks, the total cryptocurrency market cap has seen its largest decline, falling to $2.16 trillion. Over the past 24 hours alone, the market cap has dropped by over $51 billion as investor confidence remains shaky. This has caused the market to lose the critical $2.20 trillion support level. Without a quick rebound, the market cap could fall even further to $2.11 trillion. 

A recovery could be possible if the market manages to reclaim the $2.20 trillion support level. Aiming for $2.30 trillion and establishing it as a new support level is a key objective, though it may not happen overnight. 

Bitcoin Faces Resistance 

Bitcoin has also been hit hard, with its price currently sitting at $63,046 after a 2.1% drop in the last day. The cryptocurrency failed to break through the $65,300 resistance, prompting a dip to the $63,000 support level. If this support fails, Bitcoin could see further declines, potentially hitting $61,725, the lower limit of its current trading range. In a worst-case scenario, Bitcoin might drop to $60,000 if bearish sentiment continues to dominate the market. 

Notcoin Suffers Major Losses 

Notcoin, the token tied to the Telegram platform, is experiencing a steep decline. The token had nearly broken free from its three-month downtrend but has since fallen back under pressure. A sharp 27% drop over the past 72 hours has pushed Notcoin below this critical level again. 

This decline is closely linked to the ongoing legal issues surrounding Pavel Durov, who is facing 12 charges, including involvement in operating an online platform used for illegal transactions related to child pornography. Despite a brief recovery with a 3% rise in the last six hours, Notcoin’s price is still low at $0.0086. It needs a significant push to break out of its downtrend; otherwise, it risks falling closer to its all-time low of $0.0045. 

The market’s near-term future remains uncertain as investors digest these developments and their potential impact on the broader crypto landscape.