Crypto Weekly (29/07 – 04/08): Bitcoin Leads the Decline Amid Financial Uncertainty

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

• What Did Trump Say at Bitcoin Conference 2024?

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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