The cryptocurrency market fell 0.24% on April 3, with the total market capitalization reaching nearly $2.28 trillion after briefly falling to $2.27 trillion.
Bitcoin (BTC) fell 0.55% to $66,581, underperforming the broader market and dragging overall sentiment lower. Meanwhile, Ethena (ENA) continued its sharp decline, falling 4.9% over the past 24 hours as the token extended its 34% decline since mid-March.
In today’s news:-
- Korea Investment Securities, one of the largest financial brokerage companies in South Koreais in early talks to acquire a stake in Coinone, the country’s third cryptocurrency exchange, adding to a wave of consolidation that includes Mirae Asset’s Korbit deal and Binance’s approval of Gopax.
- Coinbase received conditional approval From the Office of the Comptroller of the Currency (OCC) to Coinbase National Trust Company, giving the exchange federal regulatory status for custody and market infrastructure.
- The repercussions of the Drift Protocol exploit continue to expandWith the number of affected Solana protocols rising from 11 to 20. Prime Numbers Fi alone lost an estimated $10 million, while PiggyBank, Perena, Vectis and others temporarily halted operations or estimated losses.
Cryptocurrency market holds $2.28 trillion as oil pressure increases
The total cryptocurrency market cap (TOTAL) on April 3 is trading at $2.28 trillion, down $5.4 billion from the previous day’s close. The decline was steeper during the day, with the market briefly losing nearly $15 billion before buyers approached the $2.27 trillion low.
The rebound coincided with the S&P 500 managing a green close on April 2 despite earlier weakness, which appeared to have provided a short-term floor for risky assets including cryptocurrencies.
but, Brent crude continues to riserising almost 8% over the past week and approaching $110. Which Continuous oil power It keeps inflation expectations high and limits the upside of interest rate sensitive assets.
The market remains trapped below a key level on the daily chart.
Want more symbolic insights like this? Sign up for Editor Harsh Notariya’s daily newsletterhere.
If the $2.27 trillion price holds at a minimum, a recovery towards the 0.236 Fibonacci level at $2.33 trillion is possible. If the daily closing price breaks $2.27 trillion, the path opens towards $2.23 trillion, which is key technical support.
Bitcoin is testing a line that has held since March
Bitcoin fell 0.55% to $66,581, underperforming the broader cryptocurrency market and contributing to its weakness given Bitcoin’s 56% dominance. The decline took the price to $66,057, the 0.618 Fibonacci level that served as the floor in March.
The Smart Money Index (SMI), an indicator that tracks the behavior of informed participants, is currently trending below the signal line and diverging to the downside. A similar divergence occurred in early February, after which Bitcoin corrected by approximately 8%. This precedent increases the risk of a recurrence if the $66,057 level fails to hold.
However, Bitcoin remains above the lows recorded on February 6, indicating that the low recorded earlier in the year remains intact. A daily close above $67,941, i.e. 0.5 Fib, would ease the immediate pressure and open the way towards the 0.382 level at $69,825. A close below $66,057 exposes $63,375, a 0.786 Fib, and possibly a low of $60,000.
Ethena (ENA) stock is down 34% since mid-March as a bearish pattern forms
Ethena (ENA) price fell. 4.9% in the last 24 hours to $0.0813. This extends its decline to 34% since March 16. The sell-off was flat rather than event-driven, reflecting broader weakness in altcoins amplified by fading protocol metrics. ENA’s total revenue fell 32% QoQ to $65 million in Q1 2026while the total value locked has also taken a hit since early March.
The price structure since the March 16 peak is starting to resemble a bear flag. It is a continuation pattern that usually trends towards the downside. Any bounce within the channel will still be considered part of the flag until the upper trend line is broken.
The Relative Strength Index (RSI), a momentum oscillator, is flashing a standard bullish divergence or retracement signal. Between February 24 and April 2, the price made a lower low while the RSI made a higher low. This pattern is often preceded by trend reversals or price bounces. If the divergence triggers a bounce, resistance will be at $0.088 initially, followed by $0.099, $0.104, and the 0.5 and $0.618 Fibonacci levels. A move above $0.104 would invalidate the bearish flag.
A break below $0.078 negates the uptrend and opens the way for further decline. However, a sustained move above $0.099 would be the first confirmation that buyers are gaining control.
this post Why did the cryptocurrency market fall today? appeared first on BeInCrypto.
