The total crypto market cap (TOTAL) and Bitcoin (BTC) both fell victim to Mt. Gox’s $5 billion move. The resulting bearishness also impacted the altcoins, with Lido DAO (LDO) witnessing a sharp decline.In the news today:-The total crypto market cap marked a red candlestick on the charts today as the Mt. Gox news stirred bearishness among investors. The combined value of all cryptocurrencies fell by $45 billion, but TOTAL is still holding at $2.48 trillion, around the key support of $2.50 trillion.Read More: 9 Best Altcoin Exchanges In 2024If this depreciating bullishness intensifies, it might cause the valuation of the crypto market to dip further. This could send a TOTAL of $2.40 trillion.Given that Mt. Gox’s $5 billion BTC move was today’s market mover, Bitcoin’s price was bound to take a hit. The crypto asset fell by a little over 2%, which resulted in BTC losing support at $68,500. This is a critical support level; cementing it as a support floor is essential for noting recovery.Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024While further drawdown is unexpected, unprecedented bearish market conditions could pull BTC to $66,000. However, reclaiming $68,500 as support could reignite optimism.Lido DAO’s price rose considerably in the second half of May, but the last 24 hours differed. As LDO inched close to breaching the critical resistance of $2.6, the market’s winds shifted from bullish to bearish. As a result, Lido DAO failed the breach and slid to $2.4. Read More: How To Stake ETH With LidoTo attempt a breach again, investors and the market must push. If this does not happen, LDO could drop to $2.2.DisclaimerIn line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
