Why did the crypto market fall on July 15?

The total market capitalization of crypto (TOTAL) and Bitcoin fell slightly in the past 24 hours, possibly due to the market cooling down. However, in contrast to this slight adjustment trend, the MemeCore altcoin (M) experienced a major shock, dropping by as much as 29%.

Important news today:

– The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) have allowed banks to hold crypto on behalf of customers, while emphasizing the importance of user protection. However, banks are not permitted to allow customers to hold access keys to the custody mechanism (custody) themselves.

– Strategy ( previously known as MicroStrategy) has committed to investing 472.5 million USD in Bitcoin, leading to other names like Matador Technologies. Matador plans to raise 657 million Canadian dollars ( approximately 478 million USD) over the next 25 months, with the majority of the capital to be used for additional Bitcoin purchases.

Total cryptocurrency market capitalization breaks through support level

The total market capitalization of crypto has fallen by 36 billion dollars in the past 24 hours, now standing at 3.71 trillion dollars. This drop comes after a strong rally, indicating that the market is showing signs of cooling off.

This is seen as a corrective phase reflecting the general market sentiment. If selling pressure continues to increase, the possibility of the market continuing to weaken in the short term is entirely possible.

Accordingly, the total market capitalization could fall to $3.49 trillion, erasing much of the recent gains. This scenario could mark a shift in investor sentiment, weakening the current bullish momentum.

Analysis of total market capitalization crypto | Source: TradingViewHowever, if macroeconomic conditions improve and investor confidence is bolstered, the market could recover. The total capitalization may rise to $3.73 trillion, and the level of $3.64 trillion serves as an important support threshold. This will help regain upward momentum and push prices higher.

Bitcoin is maintaining its position

Currently, the price of Bitcoin is at $117,343, slightly falling below the important threshold of $118,000 – cooling off after the recent surge. This correction indicates the possibility of a price consolidation phase, which could set the stage for a strong breakout in either direction.

If the downtrend continues, Bitcoin could slide deeper, around the $115,000 mark. This is seen as a key support area, serving as a foundation for potential recovery. If Bitcoin holds above this threshold, the price could regain momentum and aim for higher levels in the near future.

Bitcoin Price Chart | Source: TradingViewOn the contrary, if Bitcoin regains its upward momentum, it could completely surpass the historical peak of 119,966 dollars. Breaking this resistance level will open up opportunities for BTC to reach the milestone of 120,000 dollars. Such a move could potentially trigger stronger optimistic sentiment from investors and attract more capital into the market.

MemeCore fall mạnh

MemeCore (M) has fallen sharply by 29% in just 24 hours, currently trading at $0.41. This memecoin plummeted after failing to break through the resistance level of $0.84. This decline reflects the overall difficult situation of the market, as investors are showing caution.

If the current downtrend continues, MemeCore may fall further, testing the support area of $0.29. This will be an important threshold, and if broken, it could signal a stronger downtrend, putting this altcoin at risk of a deeper decline in the coming days.

MemeCore Price Chart | Source: TradingViewHowever, if MemeCore regains interest from investors, the price could quickly recover. A rally will bring the price back to the $0.84 range, possibly even surpassing this resistance level. If that happens, the current bearish scenario could be invalidated.

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