Crypto Market Drops 2%, Here’s Why
✅ Bitcoin fell from $117.7K to $112K, dragging down $ETH $SOL and other altcoins.
✅ $64 billion wiped out from the total crypto market cap in 24 hours.
✅ $659M in liquidations, mostly from long positions ($602M).
Reasons for the Drop:
🎯 Selling Pressure – Short-term #Bitcoin holders moved 21,400 BTC to exchanges to sell.
🎯 ETF Outflows – Bitcoin ETFs saw $114M in withdrawals, forcing more selling.
🎯 Whale Activity – Over 5,000 $BTC moved, including a 12-year-old dormant wallet.
🎯 Weak Jobs Data – Only 73K new U.S. jobs (vs. 147K expected), raising economic concerns.
🎯 New Tariffs – U.S. imposed 10-50% tariffs on 60+ countries, starting August 7.
A September rate cut is more likely, but if the economy keeps weakening, crypto could stay volatile.
