Crypto Market Trend
Date: August 3, 2024
Market Cap 24h Change: -2.53%
Reason:
The market has been down by -2.53% because of several negative developments:
- Concerns about the U.S. economy potentially souring, as highlighted by 10x Research, which may be causing fears of larger selloffs in Bitcoin and other cryptocurrencies.
- Major U.S. stock indexes suffering from 2.5%-3.5% declines, contributing to a risk-off mood that has spread to the cryptocurrency market.
- The broader market sentiment being impacted by traditional markets experiencing declines, with tremors affecting the crypto market as well.
- Bitcoin and other major cryptocurrencies facing resistance at critical support levels, leading to further downward pressure.
Date: August 2, 2024
Market Cap 24h Change: -4.21%
Reason:
The market has been down by -4.21% because of several negative developments:
- Weak U.S. jobs report has sparked fears of an imminent recession, causing panic on Wall Street.
- The sell-off in major U.S. stock indexes, with declines of 2.5%-3.5%, has contributed to a risk-off mood impacting cryptocurrencies.
- Bybit's exit from France due to regulatory hurdles has added to market uncertainty and selling pressure.
- Traditional markets from the U.S. to Japan saw declines across major indexes and stocks, with tremors seeping into the cryptocurrency market.
- Bitcoin's price dip below $63K and issues within the Bitcoin mining sector, like Marathon Digital posting a $200 million quarterly loss, have compounded market pessimism.
Date: August 1, 2024
Market Cap 24h Change: -0.69%
Reason:
The market has been down by -0.69% because of several negative developments:
- Bitcoin experienced a sharp decline to below $63,000 following disappointing economic data, leading to significant selling pressure.
- Galaxy Digital posted a $177 million net loss in Q2 amid market turbulence, reflecting broader financial instability in the sector.
- Bitcoin ETFs saw the smallest net inflow on record, indicating waning investor confidence.
- Several geopolitical risks combined with negative financial news have contributed to the bearish sentiment in the market.
Date: July 31, 2024
Market Cap 24h Change: -0.51%
Reason:
The market has been down by -0.51% but the reason is not clear.
Date: July 30, 2024
Market Cap 24h Change: -1.00%
Reason:
The market has been down by -1.0% but the reason is not clear.
Date: July 29, 2024
Market Cap 24h Change: 0.11%
Reason:
The market has been largely stable.
Date: July 28, 2024
Market Cap 24h Change: -1.23%
Reason:
The market has been down by 1.23% but the reason is not clear.
Date: July 27, 2024
Market Cap 24h Change: 1.56%
Reason: The market has been up by 1.56% because of several favorable developments:
- Bitcoin ETFs see increased inflows with $31.1 million inflows, showing growing investor interest in Bitcoin over Ethereum.
- Rumors and optimism about the approval of a spot Bitcoin ETF on Friday have gone into overdrive, significantly uplifting market sentiments.
- Crypto traders have actively speculated, with $1.5 million wagered on the ETF approval results, reflecting a bullish outlook among traders.
Date: July 26, 2024
Market Cap 24h Change: 3.59%
Reason:
The market has been up by 3.59% because of several favorable developments:
- Bitcoin ETFs see increased inflows with $31.1 million inflows, showing growing investor interest in Bitcoin over Ethereum.
- Rumors and optimism about the approval of a spot Bitcoin ETF on Friday have gone into overdrive, significantly uplifting market sentiments.
- Crypto traders have actively speculated, with $1.5 million gambled on the results of the Bitcoin ETF approval, reflecting a bullish outlook among traders.
Date: July 25, 2024
Market Cap 24h Change: -3.55%
Reason:
The market has been down by -3.55% because of multiple interrelated factors:
- The significant sell-off in major US tech shares has contributed to global market declines, creating a negative spillover effect on the crypto market. Read more
- Bitcoin and Ethereum have faced substantial losses, with Bitcoin's value plunging to $64K and Ethereum experiencing an 8% drop. These losses led to approximately $250 million in liquidations, exacerbating the market downturn.
- All 20 assets in the CoinDesk 20 index experienced declines, particularly Ethereum and Cardano, which were dragged down by broader market movements.
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