As Bitcoin loses the psychological support level of 70,000 dollars, tension is rising across the entire virtual asset market.

According to CoinMarketCap on the 2nd, as of 5:31 p.m. on this day, the price of Bitcoin recorded 69,934.91 dollars. This is a 3.61% drop compared to the previous day. At the same time, the total virtual asset market capitalization also fell to the 2.4 trillion dollar level, a 2.64% decrease from the previous day.

The market capitalization graph shows a continuous downward trend during trading hours, clearly reflecting shrinking investor sentiment. In particular, as the leading virtual asset, Bitcoin, fell below 70,000 dollars, selling pressure has spread to the altcoin market as well. Typically, the market capitalization of the virtual asset market is evaluated as an indicator that comprehensively shows the price fluctuations of major coins, including Bitcoin. Some analyses suggest that this decline in market capitalization simultaneously indicates a reduction in the scale of funds within the market and deteriorating investor sentiment.

Market participants are on high alert regarding whether Bitcoin will recover the 70,000 dollar mark, as well as the defense of the 2.4 trillion dollar market capitalization line. In the short term, trends in the global financial market and changes in risk asset preferences are cited as key variables that will determine the direction of the virtual asset market.