The crypto market has fallen sharply: a total market capitalization of $75 billion evaporated, Bitcoin narrowly held at $115,000, and the SEC has once again postponed its decision on the crypto ETF.

The global Crypto Assets market has encountered a significant pullback, with the total market capitalization (TOTAL) shrinking by $75 billion within 24 hours, currently reported at $3.86 trillion, increasing market uncertainty. Bitcoin (BTC) has demonstrated strong resilience, quickly rebounding after briefly falling below the $115,000 support, currently reported at $115,902, although downward risks remain. Alts have been heavily impacted, with Pumpfun (PUMP) becoming the biggest loser, plummeting over 15% in a single day, now reported at $0.003074, and the technical indicator RSI falling below 50 suggests that the downtrend may continue. In market dynamics, Japanese construction company LibWork announced plans to invest 500 million yen (approximately $3.4 million) to gradually purchase Bitcoin as an inflation hedge; meanwhile, the U.S. SEC has once again postponed the approval of three Crypto ETFs until October.

Market Overview: Total Market Capitalization Under Pressure

The total market capitalization of Crypto Assets has significantly declined, currently reported at $3.86 trillion, a decrease of $75 billion from the previous day, reflecting investors' cautiousness amid uncertainty. If the bearish trend continues, the total market capitalization may test the support level of $3.81 trillion; if it fails to hold, it could further slide to $3.73 trillion, increasing market selling pressure. Conversely, if sentiment improves, the total market capitalization is expected to regain the support of $3.89 trillion, and breaking through the resistance of $3.94 trillion could potentially restart an upward trend, targeting $4.01 trillion.

Bitcoin: Hold the Key Support

The price of Bitcoin has shown relative stability, quickly recovering after briefly falling below the key psychological level of $115,000, and is currently trading at $115,902. However, if the overall market weakness continues, BTC may test the $115,000 support again, and if it falls below, it could further slide to $112,526, triggering a broader sell-off. In an optimistic scenario, if the market warms up, Bitcoin must first stabilize at the $117,261 support level; a successful breakout would lay the foundation for a rise towards the $120,000 mark, restoring investor confidence.

Pumpfun (PUMP): Leading the fall of alts

Meme coin Pumpfun (PUMP) has become the worst performing major token today, with a big dump of over 15% in the last 24 hours, currently priced at $0.003074. The price barely maintains above the $0.002921 support, and if it fails to hold this level, it may accelerate its fall towards $0.002428. Technical indicators show that its Relative Strength Index (RSI) has dropped below the 50 neutral line, entering the bearish zone, indicating enhanced bearish momentum and higher short-term downside risk. The only potential turnaround lies in whether it can rebound off the $0.002921 support and effectively break through the $0.003409 resistance and convert it into support, which could reverse the current downtrend.

Industry News Dispatch

1. Japanese companies enter the market to buy BTC: The Japanese construction company LibWork Co., Ltd. has officially approved a plan to gradually purchase Bitcoin as a reserve asset using 500 million yen (approximately 3.4 million dollars) of company funds. This move marks an important step for Asian companies in adopting Bitcoin as an anti-inflation tool, and the company will make purchases in batches over the coming months.
2. SEC Delays Decision on Crypto ETF Again: The Securities and Exchange Commission (SEC) announced the postponement of its decision on three key spot Crypto Assets ETF applications, extending the final approval deadline for the ETF proposals submitted by the New York Stock Exchange Arca, 21Shares, and Bitwise to October. This continues the SEC's customary practice of delaying ETF rulings since this summer.

Conclusion

The current crypto market is in a sensitive phase intertwined with technical pullbacks and macro regulatory dynamics. Bitcoin shows certain resilience against falls under the potential support of institutional funds (such as Japan's LibWork), but overall market sentiment remains fragile due to negative impacts like the ETF delays. Investors need to closely monitor Bitcoin's defense of the $115,000 level, as well as whether high-risk alts like PUMP will further release selling pressure. The counter-cyclical layout of Japanese companies stands in stark contrast to the SEC's ongoing prudence, highlighting the growing importance of Crypto Assets in global asset allocation and the regulatory complexities they face. The short-term direction of the market may depend on whether it can digest the negatives and regain buying confidence.