Crypto Market Plummets Below Key Support Level

The cryptocurrency market has experienced a significant downturn, with a loss of around 3.5% in value. This drop has caused the market capitalization to fall to $2.44 trillion, below the previously established support level.

Bitcoin's price has plummeted to $73K, a level not seen since mid-April. The 50-day moving average, which had been acting as a key indicator of the market's trend, has now been broken. This development is concerning for investors, as it suggests that the bearish trend may be gaining strength.

Ethereum, the second-largest cryptocurrency, has also fallen below $2K, wiping out its April gains and returning to near multi-year support levels. The decline in interest in spot Bitcoin ETFs is another factor contributing to the market's downturn.