BlockBriefly

Date: August 2, 2024

Market Cap 24h Change: -4.21%

Reason:

The market has been down by -4.21% because of several negative developments:

• Weak U.S. jobs report has sparked fears of an imminent recession, causing panic on Wall Street.
• The sell-off in major U.S. stock indexes, with declines of 2.5%-3.5%, has contributed to a risk-off mood impacting cryptocurrencies.
• Bybit's exit from France due to regulatory hurdles has added to market uncertainty and selling pressure.
• Traditional markets from the U.S. to Japan saw declines across major indexes and stocks, with tremors seeping into the cryptocurrency market.
• Bitcoin's price dip below $63K and issues within the Bitcoin mining sector, like Marathon Digital posting a $200 million quarterly loss, have compounded market pessimism.

Date: July 31, 2024

Market Cap 24h Change: -0.51%

Reason:

The market has been down by -0.51% but the reason is not clear.

Date: July 29, 2024

Market Cap 24h Change: 0.11%

Reason:

The market has been largely stable.

Date: July 27, 2024

Market Cap 24h Change: 1.56%

Reason: The market has been up by 1.56% because of several favorable developments:

• Bitcoin ETFs see increased inflows with $31.1 million inflows, showing growing investor interest in Bitcoin over Ethereum.
• Rumors and optimism about the approval of a spot Bitcoin ETF on Friday have gone into overdrive, significantly uplifting market sentiments.
• Crypto traders have actively speculated, with $1.5 million wagered on the ETF approval results, reflecting a bullish outlook among traders.

Date: July 25, 2024

Market Cap 24h Change: -3.55%

Reason:

The market has been down by -3.55% because of multiple interrelated factors:

• The significant sell-off in major US tech shares has contributed to global market declines, creating a negative spillover effect on the crypto market. Read more
• Bitcoin and Ethereum have faced substantial losses, with Bitcoin's value plunging to $64K and Ethereum experiencing an 8% drop. These losses led to approximately $250 million in liquidations, exacerbating the market downturn.
• All 20 assets in the CoinDesk 20 index experienced declines, particularly Ethereum and Cardano, which were dragged down by broader market movements.