TLDRThe crypto market cap dropped $150 billion in 24 hours to $3.70 trillionBitcoin plunged to $109,357 after $1 billion in liquidations, now eyeing $108,000 supportStory (IP) token crashed over 30% from $11.50 to $8.04, making it the worst-performing altcoinFed Chair Powell’s warnings on inflation and labor market conditions sparked market-wide sell-offTwo Texas brothers charged for stealing $8 million in crypto through kidnapping; INTERPOL seized $439 million in crypto fraud operationThe cryptocurrency market experienced a sharp decline on September 26, 2025, with the total market capitalization falling by $150 billion in just 24 hours. This massive drop brought the total crypto market cap to $3.70 trillion, precariously close to the key support level of $3.67 trillion.Bitcoin, the market leader, fell below the psychological $110,000 mark, trading at $109,357 at time of writing. The premier cryptocurrency dropped from $113,200, representing a substantial decline in a single day. This fall coincided with over $1 billion in liquidations across the crypto market, intensifying the downward pressure.If Bitcoin fails to defend its current position, analysts suggest it could test the $108,000 support zone next. For any recovery to take place, reclaiming the $110,000 level becomes critical, which could then open the path to test resistance at $112,500.The altcoin market has not been spared from the bloodbath. Story (IP) token emerged as the day’s biggest loser, plummeting over 30% from $11.50 to $8.04. The token now tests support at $7.78, with further drops potentially pushing it toward $7.07.Market Pressures and Economic ConcernsThe broader weakness in the crypto market stems from macroeconomic factors. Federal Reserve Chair Jerome Powell recently issued warnings about inflation risks and slowing labor market conditions, rattling investor confidence across financial markets.These concerns have accelerated sell-offs across digital assets. Traders are now reassessing their risk exposure in light of these economic warnings, contributing to the market-wide decline.For the total crypto market cap, failure to hold the $3.67 trillion support could trigger a further decline toward $3.58 trillion. However, if buyers step in and push the market cap back above $3.73 trillion, it could signal a positive momentum shift, potentially allowing recovery toward $3.81 trillion.Crime and Regulation DevelopmentsThe crypto world has also been shaken by major crime-related news. Two brothers from Texas, Raymond and Isiah Garcia, have been federally charged for kidnapping a Minnesota family and stealing $8 million in cryptocurrency. The nine-hour armed hostage situation has highlighted the growing concern of crypto-related crimes in the United States.In a separate development, INTERPOL’s Operation HAECHI VI has resulted in the freezing of 400 cryptocurrency wallets and 68,000 bank accounts. This operation, spanning 40 countries, led to the seizure of $439 million in assets linked to cryptocurrency fraud.European judicial agency Eurojust also reported dismantling a crime ring that had stolen $116 million. These law enforcement actions represent major wins against global cryptocurrency fraud but may also contribute to market uncertainty.The Story token faces an uphill battle for recovery. If it manages to climb back above the $8.58 resistance, it could potentially move toward $9.58, which would invalidate the current bearish outlook. However, current market conditions make such a recovery challenging.Bitcoin’s immediate future hinges on whether it can defend against further selling pressure. The next 24-48 hours will be crucial for determining if the leading cryptocurrency can stabilize above $108,000 or if further declines are in store.The total crypto market now holds at a pivotal juncture. The $3.67 trillion support level represents the line in the sand for preventing deeper market-wide losses. Market participants remain cautious as they monitor both technical indicators and macroeconomic developments.The post Why Is The Crypto Down Today? appeared first on Blockonomi.