The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) started the day showing signs of recovery. This led altcoins to follow suit and also record gains, with Pudgy Penguins (PENGU) rising 7% in 24 hours.
In today's news:
South Korea is considering new rules that would require cryptocurrency exchanges to compensate users for losses related to cyberattacks, aligning with the responsibility standards applied to banks. The measure comes after a $30 million leak at Upbit, accelerating efforts to strengthen oversight of major trading platforms.
BPCE, the second largest banking group in France, will begin offering trading of Bitcoin, Ether, Solana, and USDC directly in its retail banking apps. The launch starts on Monday for about 2 million customers and will expand to all 12 million customers by 2026.
The cryptocurrency market is holding steady.
The total market capitalization of cryptocurrencies has increased by only $2 billion in the last 24 hours, reaching $3.01 trillion. The TOTAL asset remains above the important support level of $3.00 trillion, which continues to anchor the overall market stability.
If this psychological support holds, TOTAL could rise and surpass $3.05 trillion. This would push TOTAL to reach the target of $3.09 trillion and potentially $3.16 trillion as momentum increases in major assets.
However, if the optimistic sentiment weakens and TOTAL loses the floor of $3.00 trillion, the market could retreat to $2.93 trillion. A drop to this level would invalidate the optimistic thesis and signal renewed downward pressure.
Bitcoin has not yet defined a direction.
The price of Bitcoin has remained practically unchanged in the last 24 hours, quoted at $89,254, despite a brief intraday volatility. The leading cryptocurrency continues to struggle to stay below the resistance level of $90,401, which limited the upward movement throughout the week.
A change in trading pace will depend on stronger support from investors. If buyers come into play, Bitcoin could regain support at $90,401 and advance towards $95,000 in the coming days, marking a potential recovery from recent stagnation.
However, if the market shows a downward trend over the weekend, Bitcoin could retreat towards the support level of $86,822. A drop below this level would invalidate the bullish thesis and expose BTC to an even greater risk of decline.
PENGU rises in the charts.
The price of PENGU has risen 7% in the last 24 hours, making it the best-performing altcoin of the day. The token is trading at $0.0114 after recovering from the support level of $0.01065. This remains an important zone to maintain bullish momentum.
The market in general is not signaling strong downward pressure, increasing the likelihood of continued gains for PENGU. If the optimistic sentiment holds, the altcoin could rise to $0.01202 and potentially extend the movement to $0.01297 as investor confidence grows.
However, if sellers take control, PENGU could retreat to $0.01065. Losing this support could trigger a sharper decline towards $0.01019 and possibly $0.00938. This would invalidate the optimistic outlook.
The article Why is the cryptocurrency market up today 07/12/2025? was first seen on BeInCrypto Brazil.
