As Bitcoin loses the psychological support level of $70,000, a sense of tension is rapidly spreading throughout the virtual asset market.

According to CoinMarketCap on the 2nd, as of 5:31 p.m., the price of Bitcoin was recorded at $69,934.91, down 3.61% from the previous day. Along with Bitcoin's weakness, the total market capitalization of the virtual asset market also decreased to the $2.4 trillion level at the same time. This figure represents a 2.64% drop from the previous day, reflecting a continuous downward trend on the intraday chart and a significant contraction in investor sentiment.

In particular, as Bitcoin, the market's bellwether, fell below $70,000, selling pressure appears to be spreading to the altcoin market. Typically, the market capitalization of the virtual asset market is evaluated as an indicator that comprehensively reflects the price fluctuations of major coins, including Bitcoin. The dominant analysis is that this decline in market capitalization proves the reduction of capital scale within the market and the deterioration of investor sentiment.

Market participants are on high alert regarding whether Bitcoin will recover the $70,000 mark in the near term and whether the total market capitalization will be supported at the $2.4 trillion level. In the short term, trends in the global financial market and changes in the preference for risk assets are cited as key variables that will determine the direction of the virtual asset market.