The crypto market is experiencing a significant downturn today, continuing a rough patch that has plagued major assets over the past week. The global crypto market cap sits at approximately $2.35 trillion, reflecting a ~2.8% drop in the last 24 hours.

Market sentiment has plummeted deep into "Extreme Fear," reaching its lowest levels in months as selling pressure intensifies.
Key Market Drivers & Macro Factors
-Macroeconomic Pressure: The broader financial markets are creating a tough environment for risk assets. The 10-year U.S. Treasury yield has climbed back above 4.45%, and the U.S. Dollar Index (DXY) remains strong above 99. Additionally, expectations for Federal Reserve rate cuts have completely faded, with traders now pricing in a greater than 50% chance of a rate hike by the end of the year.
- The "SpaceX IPO" Theory: Some market analysts point out that recent steep losses coincide with rising retail and institutional hype around SpaceX's upcoming initial public offering (IPO). There is speculation that some capital is rotating out of crypto to prep for the massive equity listing.
- ETF Outflows: U.S. spot Bitcoin ETFs have seen accelerating net outflows over the last few days, signaling a cooling of institutional passive buying that usually props up prices.
Technical Levels to Watch: For Bitcoin, all eyes are on the $60,000 psychological floor. For XRP, maintaining $1.20 is crucial to prevent a slide down to the $1.13 area
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