The total market capitalization of encryption has fallen below 3.85 trillion USD! Bitcoin has lost the 115,000 USD mark, while LINK has risen 9% against the trend | Why did the market fall today?

Due to the risk aversion triggered by the Trump-Putin Alaska talks, the crypto market has evaporated 71 billion USD in 24 hours, with the total market capitalization (TOTAL) currently reported at 3.85 trillion USD. Bitcoin has fallen to the key support level of 115,409 USD, and the RSI has dropped below 50, warning that bearish momentum is strengthening. In the counter-trend zone, the Oracle Machine leader Chainlink (LINK) has seen a big pump of 9%, leading the alts, while the Parabolic SAR indicator confirms the upward trend. Japan has approved the first yen stablecoin JPYC, with institutional tokenization assets AUM reaching a new high of 270 billion USD.

Macroeconomic Hedging Impact on the Crypto Market:

(Crypto market capitalization analysis | Source: TradingView) Today, the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) both fell, with the latter dropping to $115,500 (currently reported at $115,409), reflecting a shift in macro market risk appetite. In the past 24 hours, the total market capitalization of cryptocurrencies shrank by $71 billion, now reported at $3.85 trillion. This decline was driven by geopolitical uncertainties triggered by the meeting between Trump and Putin in Alaska, highlighting the sensitivity of crypto assets to international events that impact investor confidence.

TOTAL is currently facing the risk of further diving to 3.81 trillion dollars. If market sentiment improves and recovers the 3.89 trillion dollars support level, it is expected to regain the momentum to attack 4.01 trillion dollars.

Bitcoin key level in jeopardy, RSI weakens: Bitcoin has fallen in the last 24 hours and is currently hovering above the key support level of $115,000. The relative strength index (RSI) has dropped below the neutral level of 50, indicating a weakening bullish momentum and rising market pessimism. If selling pressure continues, BTC may test the support level of $112,256, putting pressure on the confidence of short-term investors.

If Bitcoin can rebound from the support level of $115,000, it is expected to retest the resistance level of $117,261. If it breaks through, this level may turn into support, opening the way for a rise to $120,000.

Chainlink leads the altcoin zone against the market trend: The altcoin zone performed relatively resiliently, with Chainlink (LINK) rising against the trend by 9% (currently reported at $24.65), becoming today's leading gainer. The Parabolic SAR indicator is currently located below the LINK candlestick, confirming that it is in an effective upward trend. If buying continues, LINK may break through $26.73 and target $30.

If selling pressure in the market intensifies, LINK may fall back to the support level of $22.63. If it further breaks down, it might test $19.88, which would reverse the current bullish outlook.

Industry Update: The Acceleration of Stablecoin and Tokenization Processes:

• Japan's Stablecoin Milestone: The Financial Services Agency (FSA) of Japan will approve the issuance of the country's first compliant yen stablecoin by the fintech company JPYC Inc. This move marks a key advancement in Japan's construction of an on-chain payment system. JPYC will start distribution after completing the remittance service provider registration.
• Institutional tokenization scale breaks record: According to Token Terminal data, the total assets under management (AUM) of on-chain tokenized assets has reached a historic peak of $270 billion, highlighting Ethereum's core position as the preferred infrastructure for stablecoin settlement and institutional asset tokenization.

Conclusion: Geopolitical risks have become the dominant variable in the short term for the crypto market, and the game around Bitcoin's key support level will determine the direction of the market. Between the long-term benefits of institutional-level tokenization infrastructure expansion (such as the launch of yen stablecoins and new highs in Ethereum AUM) and macro fluctuations, the market may enter a phase of consolidation. Alts like LINK, which have strong fundamentals, are performing against the trend, indicating that structural opportunities still exist.