#MyGateTradeStory

Why Are the Crypto Asset Markets Down Today?

The crypto asset market has fallen 2.65% from Tuesday's peak due to a close correlation with the technology sector dragging digital assets down along with a sharp sell-off in Nasdaq. The total crypto market capitalization has decreased to US$2.12 trillion, losing the US$2.19 trillion level.

Bitcoin
BTCUSD
fell more than 2% to US$62,447 and is now trading below a key technical level. Worldcoin
WLDUSD
experienced the biggest drop, plunging about 15% as risk-off market sentiment pressured high-volatility tokens.

In Today's News:-

CryptoQuant has asked MicroStrategy to stop buying Bitcoin and rebuild cash reserves, but the company had already done so two weeks earlier.
The Senate voted 50-48 to limit Trump's war powers in Iran, but Bitcoin's movement was barely affected as record ETF outflows caused the price to decline.
Arthur Hayes predicts Bitcoin's base price will be near US$40,000 in the next six months, as hawkish Fed policies continue to restrict crypto movement.
Tech Stock Sell-Off Drags Crypto Market Cap Below US$2.19 Trillion

The total crypto market capitalization dropped to US$2.12 trillion, down 2.65% from Tuesday's peak, as the correlation with the tech sector caused risk assets to fall. The semiconductor stock correction led by Asia caused Nasdaq to fall 2.21%, and cryptocurrencies were also dragged down as both tend to move in the same direction when market sentiment shifts. Expectations of higher interest rate hikes also added pressure, as higher yields make non-yielding assets less attractive.

This sell-off pushed the TOTAL below the US$2.19 trillion Fibonacci level of 0.236. This breakdown opens the way to a US$2.02 trillion floor if the correction continues and the tech sector remains weak. If the US$2.19 trillion level is reclaimed, the next targets are US$2.29 trillion and US$2.45 trillion.

If TOTAL recovers to US$2.19 trillion, the market will build a foundation toward US$2.45 trillion. If the recovery is delayed, US$2.02 trillion will serve as a short-term magnet.

Bitcoin Price
BTCUSD
Falls Below Moving Average Cluster

Bitcoin declined further by over 2% to US$62,447 and is currently trading below all major exponential moving averages
E
EMA
, which are trend lines that give more weight to recent prices to track momentum. The correlation with the tech sector causing broad crypto market declines also directly impacted BTC, although its one-year correlation with Nasdaq is only 0.45, lower than the average range of 0.50 to 0.80.

A very important level is US$64,699, aligned with the 20-day EMA. BTC failed to break through it on June 22 and faced strong resistance. The move above the 20-day EMA last occurred on April 5, after which the price rallied about 21%, making it a key factor in determining the next direction. Below the current price, US$61,948 acts as weak support, with US$59,098 as a deeper decline target if selling continues.

A daily close above US$64,699 reopens bullish trend prospects. If it closes below US$61,948, the next target will be US$59,098.

Worldcoin Price
WLDUSD
Drops 15% as Risk-Off Sentiment Presses Altcoin

Worldcoin gained attention as the market corrected, falling about 15% to US$0.51 and extending its weekly decline by around 27%. However, over the past month, WLD has still risen nearly 80%, so the gains are gradually tapering off. The risk-off movement due to talk of interest rate hikes has heavily pressured WLD in the last 24 hours.

WLD still shows some bullish signals, as it remains within an upward parallel channel that has been forming since late May. The previous price increase was accompanied by rising volume, but the 8-hour volume decreased between June 14-17. The price peak on June 17 was supported by weak volume, causing the rally to lose momentum and reverse downward immediately.

The price has already broken support at US$0.55 toward US$0.49, which is the 0.5 Fibonacci level. If the price loses US$0.49, the bullish structure will be broken, potentially opening the way to US$0.44 or even US$0.37. Selling volume decreased between June 23 and June 24, signaling that WLD might hold at US$0.49 and bounce back up.

The US$0.49 level acts as a boundary between a potential rebound supported by the channel or a decline to US$0.37.