The relentless shilling and scamming in the meme coin market is undermining crypto at the moment. Trump's 'official' coin peaked at $74 just before inauguration and it's since sank to $12.80 including a 4% decline in the past day. There have been a host of other coin launches and rug pulls that have rattled the market.
What's worrisome is that bitcoin is often a forerunner of broader equity sentiment. The S&P 500 is now negative on the day after rallying nearly 1% at the peak. Adding to the angst is that Nvidia will report after the bell with options pricing in a +/- 10% move on the results.
As for bitcoin, there isn't much support here now until $80K.
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