On This Day in Crypto – August 5, 2024

$500 Billion Vanished in 3 Days

Exactly one year ago, crypto faced one of its most brutal market wipeouts in recent history.

Between August 2–5, 2024, over $510B was erased from total market cap — marking the steepest 3-day drop in nearly a year.

🔻 Bitcoin fell ~10%

🔻 Ethereum dropped ~18%

📉 Triggered by:

– Global equity weakness

– Rising macroeconomic fears

– Risk-off sentiment across markets

Why It Mattered:

This wasn’t just about crypto.

It showed, once again, how deeply crypto remains tied to global risk appetite — and how fast capital can flee during uncertain times.

Even in decentralized markets, macro still sets the tone.