The post Crypto Market Watch: Market Cap Drops to $2.1 Trillion, BTC, ETH Alts Dip appeared on BitcoinEthereumNews.com.

The drop in the value of stocks around the world is casting a negative light on the crypto markets. This could suggest they are going to decline value in the near term. A big sell-off happened in the cryptocurrency market, taking out more than $150 billion in value in just two days. The overall market value has dropped to $2.1 trillion, which is the lowest it has dropped in several weeks. Crypto Market Cap, Source: Trading View Crypto Market Down: BTC Sees 3-Week Low at $60.5K The most widely traded cryptocurrency, Bitcoin (BTC), has taken a big hit, falling to $60,500. This price level is BTC’s lowest level since the middle of July. This quick drop came after a short rise to $70,000 on Monday, which was triggered by Donald Trump’s speech at the 2024 Bitcoin Conference in Nashville, which he supported. BTC/USDT Chart, Source: Trading View Although, soon after, pessimism took over, which was made worse by a weaker-than-expected jobs report that showed the highest jobless rate since October 2021, at 4.3%. As fear spread, millions of dollars were taken out of spot Bitcoin ETFs, which put even more pressure on the asset. Nevertheless, whales are still buying Bitcoin and moving their holdings off of exchanges, even though Bitcoin has been performing slowly lately. According to Glassnode’s whale net position change metric, Bitcoin whales with at least 1,000 BTC have transferred more Bitcoin out of exchanges than at any other time in the past nine years. In the past 30 days, around 64,000 BTC has been moved out of whale exchange balances. Currently, BTC has rebounded slightly and is hovering around $61,900. Its market capitalization has dropped to just below $1.22 trillion, with its dominance over alternative cryptocurrencies hitting 55%. Ethereum Loses $3,000 Support Line Not much better for…

---

Filed under: News - @ August 4, 2024 3:06 pm