1 August 2026
Crypto Market Wiped Out $300 Billion As Correction Deepens
The global Crypto market faced a wave of corrections earlier today as the leading Cryptocurrencies lost 7-10% of their market cap within minutes. Around $300 billion was erased from the Crypto market as its valuation fell from $3 trillion to $2.65 trillion.
The recent crash is the second massive correction in two weeks despite many market analysts predicting November to be a bullish month.
Bitcoin plunge erased the majority of its gains from November as it fell to near $60K. BTC was trading above $66K in the morning before recording a weekly low of $60,583.
As usual, the rest of the market also registered a steeper price decline. The second leading Crypto, Ethereum fell to a daily low of $4,271. Although, the monthly chart of Ethereum has a green candle thanks to its massive rally and several new ATHs.
The majority of Cryptocurrencies are in red and erased gains from the month of November. Traders liquidated $500 million worth of leveraged positions.
On the other hand, the traditional financial market is undergoing hardship due to high inflation caused by overprinting by the feds. However, the government continues to print more money to control the damages caused by the printing of money.
The sudden crash of the Crypto market came after the approval of the controversial infrastructure bill that turned into law earlier today.
The Crypto taxation discussion divides the senate, where those who have little knowledge of decentralized market call for a total surveillance system and impossible tax reporting demands while a few Republican senators oppose them and suggest more inclusive law.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
Explore related on CoinsCapture
Coins
Discussion
0 comments