The cryptocurrency market experienced a significant downturn on August 3, 2024, with Bitcoin dropping to $61,000 and Ethereum, XRP, and Solana seeing declines of 4%-7%. The market capitalization fell by 4.76% to $2.19 trillion, while trading volume increased by 10.72% to $95.22 billion.
This decline was attributed to various factors, including U.S. employment data and large crypto moves by Genesis.
The broader market sentiment was influenced by fears of a global recession, geopolitical tensions, and the performance of traditional stock markets. Despite the downturn, some investors saw this as an opportunity to buy the dip, while others expressed concerns about the market’s volatility and the potential for further declines.
