Crypto Market Takes a Dip, What’s Going On?
The crypto market dropped nearly 2% in the past day, wiping out around $64 billion. Bitcoin led the slide, falling from $117,700 to as low as $112k, dragging major altcoins like $ETH $SOL and $DOGE down with it.
Why the Drop?
🎯- Selling pressure is high- Short-term Bitcoin holders dumped over 21,400 BTC onto exchanges in 24 hours.
-🎯 ETF outflows- Bitcoin ETFs saw $114 million in net outflows, forcing more selling.
🎯 Whales are moving- Over 5,000 $BTC (including a 12-year-old dormant wallet) got shuffled, likely for sale.
🎯 Macro worries- Weak U.S. jobs data (73K new jobs vs. 147K expected) sparked economic concerns, even though it raises odds of a September rate cut.
🎯Trump tariffs- New 10-50% tariffs on 60+ countries kick in August 7, potentially fueling inflation.
Traders lost $659 million in 24 hours, with longs taking the biggest hit ($602 million).
After weeks of gains, a pullback isn’t shocking, but with shaky macro factors, the market might stay rocky for a bit.
