#MarketPullback
The recent crypto market pullback is attributed to weak US jobs data and tariff uncertainties, which dampened investor sentiment. Total cryptocurrency market capitalization shed nearly 8% over the past 24 hours to below $3.8 trillion, with daily trading volume across exchanges reaching $190 billion.
Key Factors Contributing to the Pullback:
Weak US Jobs Data : A disappointing July jobs report showed only 73,000 new payrolls, along with downward revisions to earlier months and an uptick in unemployment to 4.2% from 4.1% in June.
Tariff Uncertainties : US President Donald Trump signed an executive order imposing new reciprocal tariffs on imports from dozens of countries, effective August 7, 2025, with rates ranging from 10% to 41%.
Profit-Taking and Liquidations : Investors selling their holdings to secure profits and forced selling due to liquidations contributed to the downward pressure on prices.
Market Performance:
Bitcoin (BTC) : Slipped below $115,000, consolidating between $114,000 and $116,000, with a potential downside risk if it breaks below the key $90k support level.
Ethereum (ETH) : Fell nearly 50% from its peak, but rallied nearly 50% in July, with institutional interest gathering steam, reflected by record inflows into spot Ethereum exchange-traded funds (ETFs).
Altcoins : Experienced significant losses, with Solana (SOL) dropping 6.5% to roughly $166 and XRP losing just 3% to barely hold onto the $3 level.
Expert Insights:
- Analysts suggest that the market pullback is a natural correction after a period of significant gains, with some seeing it as a buying opportunity.
- Market makers' hedging strategies may help keep Bitcoin supported around $100,000, but the surge in activity raises concerns about potential pullbacks for other cryptocurrencies.
