•#Bitcoin❗ price crashed 10% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.
•On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum $ETH , which traded to lows of $3k and Solana that retreated sharply to touch $160.
•$XRP , Dogecoin and #pepe⚡ also experienced sharp declines.
👉Why did Bitcoin, crypto prices fall today?
Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&P 500 falling 1.5%. According to CNBC, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.
Markets’ reaction also follows Wednesday’s Federal Reserve #FOMC meeting, although analysts say the market has fully priced in a September cut. Geopolitical tensions in the Middle East was also on investors’ minds.
