Crypto Market Last Week
The first week of August saw Bitcoin’s dramatic decline, plummeting from $70,000 to $52,000, losing $18,000 in just one week. Notably, Bitcoin dropped $14,000 over the weekend alone.
This sharp drop was triggered by several macroeconomic news items that negatively impacted the crypto market in particular and the entire financial market in general. The Federal Reserve’s (FED) decision to maintain the current interest rates instead of cutting them had a significant adverse effect on the market. Ethereum (ETH) also couldn’t escape the downward trend, dropping to $2,100 despite recently being approved for ETF trading.
Altcoins fared no better, with many halving or even dropping to a third of their value within just a week.
BTC Chart
Top 10 Biggest Losers of the Week
Source: Coinmarketcap
Important News Last Week
This week, notable token unlocks include:
- IMX unlocking tokens worth $33 million
- APT unlocking tokens worth $55 million
Macroeconomic News This Week
This week, there is only one significant news item:
On Thursday, August 8, at 12:30 PM (UTC), the Jobless Claims report will be released. If the reported figures are higher than expected, it will be seen as negative news for the USD, and vice versa.
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