The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact.

Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The next potential target for bears could be 23,300 USD, a level that could cause significant stress in the market.

The cryptocurrency market currently lacks compelling fundamental reasons to halt the sell-off, and buyer participation is minimal.

The total cryptocurrency market capitalisation has dropped to 1.04 trillion USD. The share of BTC decreased to 48.3%, while the ETH share has risen to 18.9%.

Yuga Labs launches new NFTs

The developers of Yuga Labs digital studio have introduced a series of Bitcoin NFT-based decryptions named TwelveFold. The studio is expected to release a new Moon Puzzle every week. The user who first solves the puzzle will be rewarded 0.12 BTC. The correct answer must be provided in satoshis.

Justin Sun holds his cryptocurrency on an exchange

Justin Sun, the founder of the TRON project, has revealed to his social media followers that he stores his BTC holdings on the Huobi exchange, where he is one of the early users. Market rumours suggest that Sun might be the actual owner of this exchange.