S&P tech rally, Bitcoin rejection shrink crypto market to $2.65T
Crypto market cap fell 0.59% to $2.65 trillion as a tech-led S&P 500 rally pulled funds and Bitcoin was rejected at $82,838, wiping about $15.8 billion.
Crypto markets fell 0.59% to a total capitalization of $2.65 trillion during the latest trading session as a tech-led S&P 500 rally drew capital into equities and Bitcoin was rejected at $82,838, erasing about $15.83 billion from yesterday’s close. The S&P 500 reached a fresh record after gains in major technology stocks and lower oil prices.
The total crypto market cap is down from a recent peak of $2.72 trillion and is testing technical support near $2.60 trillion. A break below $2.60 trillion would open targets at $2.53 trillion and $2.47 trillion; a move back above $2.72 trillion would resume the broader uptrend.
Bitcoin was turned back at $82,838 and traded around $80,925, down about 0.63% for the day. Chart analysts flagged a hidden bearish divergence on the daily timeframe: between Jan. 5 and May 6 Bitcoin’s price formed a lower high while the Relative Strength Index made a higher high. Immediate resistance sits at $82,820. Key support levels are $77,423, $74,084, $71,385 and $68,686. A daily close above $82,820 would invalidate the bearish divergence.
In institutional settlement news, Ripple, JPMorgan, Mastercard and Ondo Finance completed a cross-border tokenized U.S. Treasury redemption settled in near real time. The redemption routed through the XRP Ledger, Mastercard’s Multi-Token Network and JPMorgan’s Kinexys platform.
Patrick Witt, a White House digital asset official, announced the administration will release new details on a Strategic Bitcoin Reserve “in the coming weeks,” citing custody concerns after a $46 million exploit affecting assets held by the U.S. Marshals Service.
South Korea’s largest crypto exchange Upbit plans to list the B3/KRW trading pair on May 7 at 13:45 local time. B3 is a layer-3 gaming chain built on the Base network using the OP Stack and targets on-chain gaming applications.
At the token level, Pudgy Penguins (PENGU) fell about 6% to $0.0104 over 24 hours. Chart observers pointed to a pole-and-flag pattern following a rally from $0.0060 to $0.0118; a clean break above $0.0113 would confirm the upside projection. Support levels are $0.0096 and $0.0082.
Market participants described the day’s price action as capital flowing between risk assets rather than a single catalyst. Traders will watch whether continued equity momentum keeps funds out of crypto or if buying interest returns in coming sessions.
