Crypto market cap has dropped to $2.93 trillion, marking an 8-month low and wiping out all gains accumulated since the start of 2025. This decline brings the overall market valuation close to the $2.5 trillion level seen back in April, signaling a sharp reversal in market momentum. The recent sell-off reflects deteriorating short-term sentiment across major digital assets, as bearish pressure continues to mount. Traders are closely watching whether this support level holds or if further downside appears imminent. The shift from bullish optimism to cautious pessimism highlights how quickly market dynamics can shift, particularly during periods of macroeconomic uncertainty.