By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoXTimesCryptoXTimes
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Notification Show More
Font ResizerAa
CryptoXTimesCryptoXTimes
Font ResizerAa
  • Home
  • News
  • Cryptocurrency
  • Advertise
  • Contact Us
Search
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Have an existing account? Sign In
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
CryptoXTimes > Article > News > Bitcoin Drops 10%, Dow Jones Declines Too
NewsBitcoin News

Bitcoin Drops 10%, Dow Jones Declines Too

Bitcoin and Dow Jones drop sharply amid market volatility concerns.

Nayab Fatima
Last updated: August 1, 2024 10:39 pm
Nayab Fatima 11 months ago
Share
Bitcoin Drops 10%, Dow Jones Declines Too

Bitcoin’s link to standard markets was clear on August 1, when both the cryptocurrency index and the stock index went down a lot.

Bitcoin has lost more than 10% since July 29. It went from being worth close to $70,000 to being worth less than $63,500. This drop happened after Donald Trump’s speech in Nashville, which briefly sent the coin to its highest level in two months.

Bitcoin’s value dropped by 7% in just 24 hours, at the same time that the S&P 500 and Dow Jones Industrial Average also dropped significantly. In less than an hour, the Dow fell more than 500 points. 


Bitcoin And Stocks Decline


On August 1, significant stocks like Amazon and Nvidia also went down because more people were afraid of a U.S. recession, according to experts from The Kobeissi Letter.The market for cryptocurrencies as a whole was affected by the instability. 

BREAKING: The Dow Jones Industrial Average just fell 500+ points in 45 minutes.

This came after the ISM Manufacturing Index fell to 46.8, its lowest level since August 2023.

Markets are worried that the US is heading into a recession. pic.twitter.com/OAIyS1hrks

— The Kobeissi Letter (@KobeissiLetter) August 1, 2024

According to CoinGecko, the overall value of the crypto market fell 6% to $2.3 trillion after briefly going up earlier in the week.As investors pulled their money out of the digital asset market, popular cryptocurrencies like Ethereum, Solana, and Ripple also went down.

CoinGlass says that the unstable market had a significant impact on margin holdings. Over 105,480 traders were forced to close their accounts, which cost $324 million in losses from risky positions.

Longs of ether topped the liquidations with $72 million, which shows that traders who were betting that the price of ETH would go up had to pay margin calls. Bitcoin came in second with $69 million in long liquidations. Next on the list of assets that were sold off were Solana, XRP, and Dogecoin.

You Might Also Like

Bitcoin Could Hit $120K If Fed Cuts Rates Soon

Bitcoin Beats Inflation, Says Paul Tudor Jones

Deutsche Bank Considers Issuing Stablecoin Amid Digital Shift

Will Bitcoin Break $111K or Face Major Correction?

PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy

TAGGED: Bitcoin, ETH, XRP
Previous Article Ethereum Steadies at $2,860 Amid ETF Approval and Market Shifts Ethereum Steadies at $2,860 Amid ETF Approval and Market Shifts
Next Article Bitcoin Miner Marathon Reports $200M Loss Bitcoin Miner Marathon Reports $200M Loss
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
TwitterFollow
TelegramFollow
LinkedInFollow

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
Bitcoin Could Hit $120K If Fed Cuts Rates Soon
Bitcoin Could Hit $120K If Fed Cuts Rates Soon
Iceland PM Shifts Energy from Bitcoin to Agriculture
Iceland PM Shifts Energy from Bitcoin to Agriculture
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch

You Might Also Like

Telegram Integrates Elon Musk’s Grok AI in $300M Deal
CryptoNews

Telegram Integrates Elon Musk’s Grok AI in $300M Deal

By Haider Ali 4 weeks ago
Berachain Transactions Tumble, Fee Revenues Cut In Half
Press ReleaseCryptoNews

Berachain Transactions Tumble, Fee Revenues Cut In Half

By Nayab Fatima 4 weeks ago
Trump Media Launches $2.5B Crypto Investment Strategy
NewsCrypto

Trump Media Launches $2.5B Crypto Investment Strategy

By Nayab Fatima 4 weeks ago
$BONK Surges 4% as Breakout Above $0.000021 Nears
CryptoNews

$BONK Surges 4% as Breakout Above $0.000021 Nears

By Haider Ali 4 weeks ago
CryptoXTimesCryptoXTimes
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
  • About Us
  • Careers
  • Privacy Policy
  • Risk Disclaimer
Welcome Back!

Sign in to your account

Lost your password?