The post Bitcoin, crypto market are in the red today: Here’s why appeared on BitcoinEthereumNews.com.

The crypto market took a sharp turn lower this week as a cocktail of weak economic data, renewed trade tensions, and heavy profit-taking sparked a wave of selling across Bitcoin and major altcoins. Summary The crypto market continued crashing, with the market cap falling to $3.6 trillion.  This crash happened after the weak nonfarm payrolls report on Friday. Forced liquidations have jumped to over $1.5 billion in the last two days. Bitcoin (BTC) dropped from a record high of $123,200 in July to $112,107 at last check Saturday, while top altcoins like Pi Network (PI), Ethena (ENA), Conflux (CFX), and Fartcoin (FARTCOIN) have moved into a bear market after falling by over 10% from their July highs. The worst performing cryptocurrencies in the last seven days | Source: CoinGlass Weak NFP data and data chief firing The crypto market crashed after the US published weak nonfarm payrolls data on Friday. A report showed that the economy created just 73,000 jobs in July, while the jobless rate rose to 4.2%.  Worse, the agency revised down the prior two months’ job additions by 260,000, meaning that the employment growth in the last three months averaged just 35,000, the worst level since the pandemic.  In a TruthSocial post, President Donald Trump lamented that the jobs numbers were “rigged” to make him and Republicans look bad. He then went ahead and fired Dr. Erika McEntarfer as the Commissioner of Labor Statistics. Therefore, the crypto market dropped as investors remained concerned about the accuracy of US data, which help the Fed when delivering its interest rate decisions.  Crypto Market also crashed as the trade war intensified The crypto market also continued to rally amid concerns about Trump’s trade war. He implemented tariffs on key trading partners, including India, South Africa, and Switzerland.  While the US…

---

Filed under: News - @ August 2, 2025 7:28 pm