The total market capitalization of cryptocurrencies (TOTAL) and the price of Bitcoin (BTC) have both recorded a slight increase in the last 24 hours. The price of Zcash (ZEC) has led most altcoins with a 5% increase over the past day.
Today's news:
The main associations of the Chinese financial industry have issued a unified warning stating that any activity related to cryptocurrencies, including RWAs and stablecoins, is illegal, marking the country's firmest stance since 2021. This announcement thus reinforces the total ban on digital assets in China and signals an increase in repression measures in the banking, securities, payment, and online finance sectors.
Binance has become the first cryptocurrency exchange platform in the world to receive full exchange, clearing, custody, and brokerage licenses issued by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. This approval places the entire international platform of Binance under comprehensive regulatory supervision, aligning it with the standards of traditional financial markets.
The crypto market rebounds at its support
The total market capitalization of cryptocurrencies has increased by $69 billion in the last 24 hours, reaching $3.08 trillion. TOTAL has rebounded off the support level of $3.00 trillion, which continues to serve as an anchor for the overall market stability.
If this psychological support holds, TOTAL could thus progress further and exceed $3.09 trillion. This would push the price to target $3.16 trillion and potentially $3.21 trillion as momentum intensifies on the main assets.
However, if bullish sentiment weakens and TOTAL loses the $3.00 trillion threshold, the market could then return towards $2.93 trillion. A drop to this level would invalidate the bullish scenario.
Bitcoin remains subject to a downward trend
The price of Bitcoin has recorded a slight increase in the last 24 hours and is trading at $91,596 at the time of writing this article. The king of cryptocurrencies continues to operate under an active downward trend since the end of October, which has limited upward movements throughout the week.
A change in momentum will depend on stronger support from investors. Thus, if buyers step in, Bitcoin could reclaim the $91,521 mark as support and progress towards $95,000 in the coming days, marking a potential recovery after the recent stagnation.
However, if market conditions turn bearish, Bitcoin could return to the support level of $86,822. A drop below this support would invalidate the bullish scenario and expose BTC to a more pronounced risk of decline.
Zcash slightly regains the advantage
ZEC has risen by 5% in the last 24 hours and is trading at $359, while remaining above the support of $340. The altcoin is thus trying to recover after heavy losses and shows the first signs of strengthening its momentum.
To extend its rise, the price of ZEC must turn $403 into support and continue towards $442. The Ichimoku cloud signals strong bullish momentum, suggesting favorable conditions for sustained progress if buyers remain engaged.
However, if investor support weakens, ZEC could lose the supports at $340 and $300, leading to a marked decline in price. A break below $300 would then invalidate the bullish scenario and expose ZEC to a more pronounced drop towards $260.
