Crypto Market Hits $3.8 Trillion Before Sharp Rejection; What’s Next?

The total crypto market cap briefly surged to $3.8 trillion before a sharp sell-off. CryptoQuant on-chain data shows a wave of aggressive selling and long liquidations, led by Binance The market is now testing a critical support zone between $3.4 trillion and $3.64 trillion The total cryptocurrency market capitalization briefly soared to $3.8 trillion over the last 24 hours, surging to hit $3.8 trillion before hitting a wall of sell pressure. The rally quickly faded as trading volumes dropped by 20%, pulling the market cap back down to now at $3.67 trillion . Sell Pressure Dominates Binance According to analyst Amr Taha, what stopped the crypto market cap surge, can be seen from on-chain data sourced from CryptoQuant that shows a rise in aggressive selling on Binance. The exchange’s cumulative net taker volume fell sharply below -1.5 billion USD on August 1, a pattern last seen during a similar dip on July 25, which is reflective of a surge in aggressive sell-side orders, primarily driven by a cascade of long liquidations. Source: CryptoQuant This suggests that the long positions, likely opened by retail traders during the rebound, were forcef… The post Crypto Market Hits $3.8 Trillion Before Sharp Rejection; What’s Next? appeared first on Coin Edition .