The cryptocurrency market recently experienced its biggest three-day sell-off in the past 12 months amid weak U.S. jobs data and growing recession fears. The total cryptocurrency market value has shrunk by $510 billion since August 2.
The sharp sell-off in the cryptocurrency market comes amid a poor performance in the stock market. The S&P 500 has fallen 4.4% during the same period.
Weak employment data: US employment data fell short of expectations, exacerbating market concerns about a recession.
Tech stocks slowed down: Big tech companies such as Microsoft and Intel reported second-quarter results that fell short of expectations.
Impact of rate cut expectations: Market leader Nvidia was hit by expectations of a September rate cut, leading to capital flows back to smaller, poorer performing companies.
Over the past seven days, BTC and ETH have fallen 20% and 28%, respectively.
Solana (SOL), a representative of the Layer 1 network, has fallen 30.6% since July 30, making it the worst-hit cryptocurrency among the top 10 coins by market cap.
Macroeconomic factors
The Bank of Japan's interest rate hike triggered a widespread sell-off of risky assets in the capital market.
Tensions in the Middle East: heightened risk sentiment in the market.
Mt Gox creditors redeeming their bitcoins: and rumors of the U.S. government moving its bitcoin holdings have had an impact on the market.
Jump Crypto Selloff: Further adding to market turmoil, the trading firm has divested hundreds of millions of dollars in assets over the past few days, according to Arkham Intelligence.
The plunge reflects a complex mix of macroeconomic factors and market sentiment.
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