A significant market downturn is evident as 75 of the top 100 cryptocurrencies are trading below their 50-day and 200-day moving averages. This bearish trend is highlighted by Bitcoin's sharp decline from $126,000 to $87,000, contributing to the overall market weakness. Major altcoins are also struggling, with many unable to maintain critical support levels. In contrast, only 29 stocks in the Nasdaq 100 are below these averages, underscoring the crypto market's current challenges. The combined decline of Bitcoin and Ethereum, which dominate 78% of the $3 trillion crypto market, is intensifying the downward pressure across the sector.