With no mention of cryptocurrencies at the just concluded US presidential debate, the total crypto market cap (TOTAL) is declining as Bitcoin (BTC) and altcoins remain under selling pressure. STRK, the native token of the ZK-Rollup platform StarkNet, is the asset with the most losses over the past 24 hours.
In the news today:
- Prediction bets on Polymarket suggest Vice President Kamala Harris outperformed former President Donald Trump in the first US presidential debate on Tuesday.
- The first presidential debate between Kamala Harris and Donald Trump ended with no mention of cryptocurrencies, leading to sharp declines in Trump-themed meme coins.
TOTAL Falls, Thanks to Trump and Harris
Following the conclusion of the first debate between the US presidential candidates, Vice President Kamala Harris and former President Donald Trump, where cryptocurrencies went unmentioned, the market has reacted. Trading activity has plunged, and total crypto market capitalization has dropped by $40 billion. TOTAL currently stands at $1.96 billion.
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If market activity craters further, a breakdown to $1.90 trillion is likely. Losing this critical support would result in a sharp drop to $1.68 trillion, a low last recorded on August 5 when the market lost over $1 billion to liquidated positions.
Bitcoin Needs To Defend the $54,000 Support Level
Bitcoin currently trades at $56,252, having shed 1.12% of its value over the past 24 hours. Its downward-facing Relative Strength Index (RSI) confirms the uptick in selling pressure in the aftermath of the presidential debate between Trump and Harris. As of this writing, the key momentum indicator is at 43.63.
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The leading coin targets the $54,847 support level, which the bulls have seemingly defended multiple times following the general market dip of August 5. If the coin retests this level and fails, its price may drop toward $49,000, representing a 13% decrease from its current value.
Starknet Targets Support Line
Starknet has trended within a horizontal channel since August 5. This channel is formed when an asset’s price moves within a range for some time. The upper line forms resistance, while the lower line represents support.
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Since beginning to trend within this range, STRK has faced resistance at $0.42 and found support at $0.34. Its 8% drop over the past 24 hours has pushed its price toward the support line. If this level fails to hold, the token will revisit its all-time low of $0.32.
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