Why Is The Crypto Market Down Today?

What Happened

BitGo announced layoffs as the custodian pivots toward stablecoins and AI-focused products

A SoftBank-led selloff hit Asian tech stocks as investors grew nervous about rising AI infrastructure costs

The Nasdaq closed red on Thursday, June 25, as Apple and Microsoft flagged hardware price hikes tied to surging memory costs, and broader AI spending fears spooked investors. Because Bitcoin still trades like a high-beta tech growth stock, that risk-off mood flowed straight into crypto.

Market Context

The crypto market is down today as a Wall Street tech selloff and AI cost fears bleed into digital assets. Total crypto market cap sits near $2.04 trillion, off about 3.5% from yesterday’s high, after briefly touching $1.99 trillion.

The current price of Bitcoin holds near $59,875, up a slim 0.22% on the day yet still bruised from a drop to $57,993. Stellar lumens leads the top losers, down more than 6%.

Crypto Market Cap Falls as Tech Selloff Spreads

Total crypto market cap trades around $2.04 trillion, down roughly 3.5% from yesterday’s peak, with sellers testing whether the $1.99 trillion floor can hold. The pressure traces directly to equities.

The S&P 500 finished nearly flat, but the tech-heavy Nasdaq took the harder hit, and crypto followed the weaker tape. The market rebounded off $1.99 trillion yesterday, which now stands as the line bulls must defend.

Above, $2.16 trillion has hardened into firm resistance. If $1.99 trillion holds, the market can stabilize and grind back toward $2.16 trillion. If $1.99 trillion breaks, the next leg lower opens quickly.

Bitcoin Price Fights to Hold Above $59,000

Selling volume has climbed steadily since June 21, signaling the downside remains the path of least resistance. For Bitcoin news watchers, the levels are clear. A daily close above $63,842 could restore momentum. A close below the $59,000 zone exposes $57,993 and then $57,960.

Stellar Lumens (XLM) Price Sinks as Speculative Pop Unwinds

Stellar lumens (XLM) trades near $0.175, down more than 6% and ranking as one of the biggest losers among the top 100. Price has broken its 0.618 Fibonacci level, at $0.179. Part of the weakness is market beta, as the tech-driven risk-off rotation often hits higher-risk altcoins hardest.

Yet XLM carries its own catalysts. The XLM token spiked about 40% on June 1 on late-May news that DTCC will connect its tokenized securities platform to Stellar. The rally fizzled out but it again formed a lower peak near $0.251 on June 18. However, Stellar (XLM) shed roughly 32% since as that speculative positioning unwinds on weak retail demand (hardly any buying volume surfacing).

Encouragingly, selling volume is easing versus the June 19 dip escalation, which any rebound needs.

Any stellar lumens price prediction now hinges on one zone. Reclaiming $0.179 keeps recovery alive, while losing it exposes $0.159 and $0.134.

The post Why Is The Crypto Market Down Today? appeared first on BeInCrypto.

Why It Matters

In the news today:-

Aave denied reports that Kraken sold its stake, pushing back on speculation about a major backer exiting the protocol

Details

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Bitcoin trades near $59,875, up about 0.22% since yesterday’s close after tagging an intraday high above $60,000. The recovery, however, follows a slide to $57,993, its lowest level since late 2024. The same tech selloff that dragged equities lower hit BTC hardest, and the move was amplified by crypto liquidations.

CoinGlass data shows roughly $1.09 billion wiped out across 151,600 traders in 24 hours, with longs absorbing $841 million of the damage and a single $38 million BTC order liquidated on Hyperliquid.

Despite the drop, BTC has not posted a clean daily close under $59,080, its immediate floor, which keeps a rebound on the table.