Major cryptocurrencies experienced a decline on Tuesday, reflecting a drop in stock prices as investors reacted to new tariffs and disappointing economic data.
| Cryptocurrency | Change | Price (as of 9:30 PM ET) |
|---|---|---|
| Bitcoin | -0.96% | $113,860.84 |
| Ethereum | -2.95% | $3,585.53 |
| Dogecoin | -5.68% | $0.1978 |
| XRP | -5.01% | $2.93 |
| Solana | -3.91% | $162.79 |
Market Sentiment Shifts
Bitcoin saw a dip to $112,700 before hovering around $113,000. Interestingly, trading volumes surged by nearly 13%, indicating significant selling pressure.
Ethereum also faced a notable drop, hitting an intraday low of $3,547.62 as its volume jumped by 9.62%.
Bitcoin’s dominance in the market dipped to 61.2%, while Ethereum’s share rose to 11.7%.
XRP, the third-largest cryptocurrency by market cap, fell below $3, suffering more than a 5% loss within the last 24 hours.
In total, approximately $358 million was wiped from the cryptocurrency market over the past day, with bullish positions amounting to $268 million also erased.
In terms of open interest, Bitcoin decreased by 0.31% in the last 24 hours, with Binance Futures traders showing a preference for long positions.
The Crypto Fear & Greed Index has now shifted from a state of “greed” to “neutral.”
Top Gainers (24 hours)
| Cryptocurrency | Change | Price (as of 9:30 PM ET) |
|---|---|---|
| MemeCore (m) | +28.52% | $0.5738 |
| Mantle (MNT) | +15.64% | $0.823 |
| Litecoin (LTC) | +9.08% | $121.21 |
The global cryptocurrency market now stands at a capitalization of $3.71 trillion, with a slight 2.70% gain over the past 24 hours.
Stock Market Decline
On Tuesday, stocks were down as well. The Dow Jones Industrial Average fell by 61.90 points (0.14%), closing at 44,111.74. The S&P 500 decreased by 0.49%, ending at 6,329.94, and the tech-focused Nasdaq Composite dropped 1.95% to 21,053.58.
In an interview, Trump mentioned that he might announce a new semiconductor tariff plan as soon as next week. Shares of Nvidia Corp. and Advanced Micro Devices Inc. reacted negatively to this news.
Weak macroeconomic sentiment, particularly after a July employment report that underperformed expectations, has significantly impacted the market’s mood.
Analysts Seek Direction
Notably, cryptocurrency analysts are keeping an eye on Bitcoin, with Ali Martinez identifying $111,000 as a “critical support” level. He noted that if this fails, the next significant demand area could be around $90,000.
Another commentator, Michael Van de Poppe, suggested that there’s a strong possibility of a new low before any recovery for Bitcoin occurs. He added that the current downward trend indicates it might be time for buying the dips.
