Crypto Market Cap Falls 2.84% to $2.08T as Coinbase Chooses Luxembourg for MiCA License
COIN•The total crypto market cap dropped 2.84% to $2.08 trillion after $781 million in long liquidations, pressuring Bitcoin down to $61,213. Coinbase selected Luxembourg as its MiCA licensing hub for European operations, positioning the company for regulatory compliance across the region.
1. Market Decline and Liquidations
The crypto market cap fell 2.84% to $2.08 trillion following a cascade of forced liquidations that wiped out $972 million in positions over 24 hours, with long liquidations of $781 million dwarfing $191 million in shorts.
2. Bitcoin Trading Range and Support Levels
Bitcoin traded near $61,213, down about 2.5% on the day and off almost 20% over the past month, yet reclaimed 3.6% from its intraday low at $59,037, highlighting key support at that level.
3. Coinbase Secures Luxembourg MiCA License
Coinbase selected Luxembourg as its European MiCA licensing hub, enabling the company to meet upcoming regulatory requirements under the EU’s Markets in Crypto-Assets framework and expand compliant services across the region.
