It seems like the misfortunes in the world of crypto are never-ending, as another crash in the market took place again at the start of August, and this is after the industry saw these coins bounce back. The top ten coins in cryptocurrency are the biggest losers, as collectively, the likes of Bitcoin, Ethereum, Solana, and more have a combined $300 billion loss.
Last week saw promising performance in the crypto industry as Bitcoin recently soared towards a $70,000 valuation, alongside the promise of a cryptocurrency-friendly America.
Crypto Market Crashes Again: Stock Market is the Reason
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The dawn of August is not good tidings for the crypto market as it saw a crash take place while the industry recently saw it bounce back after a previous drop. According to Forbes, the reason behind this new crypto crash incident is due to the stock market crash that took place, prompting significant instability in a supposed growing market.
It affects the entire industry, and the top ten cryptos in the market including Bitcoin, Ethereum, Solana, XRP, Dogecoin, and more saw humongous drops. Bitcoin, which recently soared to as much as $70,000, saw it crash to $60,000 and is still seeing massive reds in the charts.
The US Federal Bureau of Investigation (FBI) has issued a warning to investors to secure their accounts as hackers may take this opportunity to steal from wallets.
Crypto Investors are Liquidating their Digital Assets
Because of the recent stock market volatility, one of its darkest times, it was reported that crypto investors and traders have recently been liquidating their assets. The industry saw $272 million worth of crypto being liquidated by investors in the last 24 hours, and Bitcoin alone saw $78 million liquidated according to CoinTribune.
The Projected Future of Cryptocurrency
One of the past few weeks' top stories about crypto is how it would play a massive role in the United States, should Donald J. Trump win the highest seat in the country again. This was after rumors of the US adding more crypto to its holdings, centering on Bitcoin strategic reserves which was speculated to be the course of action for the possible Trump administration.
This was later confirmed by the former President of the United States himself during the Bitcoin 2024 Conference in Nashville, Tennessee, with Trump announcing a future where America becomes the crypto capital of the world. Not only that, Trump also claimed that his administration would focus on Bitcoin, making the top crypto in the market a 'superpower.'
Despite these massive stories towards the end of July and a bouncing-back performance in the market forcryptocurrency, it still saw significant roadblocks that are now hindering its continued growth. The crypto industry is now crashing yet again, and this took place in only a matter of days amidst the stock market crash, now affecting all the coins, including those in the top 10.
