Why Is The Crypto Market Down Today?

Market Overview - The total crypto market cap has decreased by $30 billion in the last 24 hours, now standing at $3.85 trillion, indicating a pause in the market's upward momentum [1][2] - Despite the decline, the market cap remains above the $3.81 trillion support level, suggesting resilience and potential for recovery if sentiment improves [2] Bitcoin Analysis - Bitcoin is currently trading at $114,224, just below the key resistance level of $115,000, showing resilience amid market uncertainty [5] - If investor sentiment stabilizes, Bitcoin could break past $115,000 and aim for $116,096, supported by steady demand [5] - However, if selling pressure increases, Bitcoin risks dropping to $112,500, with a further decline to $110,000 possible, which would invalidate the bullish outlook [6] Altcoin Performance - Plasma (XPL) has experienced a significant decline of 19.6% in the past 24 hours, now trading at $0.95, which is a crucial support level for the token [1][7] Regulatory Developments - The SEC and FINRA are investigating over 200 firms with crypto treasuries for potential insider trading linked to unusual stock activity, as more companies adopt aggressive crypto accumulation strategies [3] - Kazakhstan's financial crime agency has shut down the RAKS crypto exchange, freezing 67 wallets containing nearly 10 million USDT, related to $224 million in darknet-linked laundering [3]