Crypto wrap: ETH, XRP, SOL shed gains as Bitcoin drops below $115k
Main Idea
The cryptocurrency market experienced a significant downturn on August 1, 2025, with Bitcoin dropping below $115,000 and major altcoins like Ethereum, XRP, and Solana also losing value.
Key Points
1. Bitcoin price dipped below $115,000, triggering a market-wide decline, with Ethereum (ETH), XRP, and Solana (SOL) also shedding gains.
2. The global crypto market capitalization dropped by 3.5% to $3.7 trillion, with liquidations rising to over $850 million and open interest falling to $189 billion.
3. The decline mirrored losses in the Nasdaq and broader macroeconomic concerns, including weak U.S. jobs data and fears of new tariffs.
4. Ethereum (ETH) dropped below $3,600, XRP fell below $3.00 before recovering, and Solana (SOL) retreated from the $200 mark.
5. Small-cap tokens like Hyperliquid (HYPE), SPX6900 (SPX), and Pump.fum (PUMP) recorded double-digit losses, while BNB outperformed other major cryptocurrencies.
Description
The cryptocurrency market experienced a significant downturn on August 1, 2025, as Bitcoin fell below the critical $115,000 support level, triggering a broader sell-off. As a crypto bloodbath ensued amid widespread panic selling top altcoins followed suit. Ethereum (ETH), XRP (XRP), and Solana (SOL) all shed recent gains, with the spillover effect plunging small caps by double-digits or more. The global crypto market capitalization dropped by 3.5% over the past 24 hours to cut the market to $3.7...
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