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BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State

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The crypto prices today have taken an alarmingly bearish turn, sparking severe concerns among market participants. Bitcoin (BTC) price tanked over 10% to rest at the $54K mark today. Ethereum’s (ETH) price crashed by nearly 20%. Meanwhile, the altcoin market mainly followed the bearish momentum.

Simultaneously, the global crypto market cap plunged 12.50% to $1.89 trillion today. Nonetheless, the total crypto market volume saw an 86.72% increase to $124.44 billion.

Here’s an overview of some of the highest-ranking cryptocurrencies by market cap and their price movements today, August 5.

Crypto Prices Today

Bitcoin Price

BTC price plummeted 10.78% in the past 24 hours to reach $54,191.08. The coin’s 24-hour slumps and peaks were recorded as $52,559.19 and $61,058.94, underscoring a highly volatile movement.

Bitcoin’s dominance stood at 56.62%, an increase of 0.98% over the past day. Amid the coin’s bearish performance, BTC critic Peter Schiff has further predicted that Bitcoin ETFs will ‘gap down 15%-30% below their Jan highs.’

BTC price August 5BTC price August 5
Source: CoinMarketCap

Ethereum Price

Simultaneously, the ETH price crashed 20.07% over the past day to trade at $2,325.86. Ethereum’s 24-hour bottoms and tops were $2,122.55 and $2,923.47, respectively.

Notably, the slumping price movement comes against the backdrop of Jump Trading offloading whopping amounts of ETH. The crypto firm appears to have dumped $500 million in Ethereum over the past ten days.

ETH Price August 5ETH Price August 5

Solana Price

The crypto SOL saw an 11.42% dip in value to reach $127.94 today. Solana’s 24-hour bottoms and tops were recorded as $124.24 and $144.95, respectively.

Whale Alert’s data reveals significant SOL dumps to exchanges over the weekend, aligning with the coin’s waning movement.

Crypto SOL price August 5Crypto SOL price August 5

Crypto XRP Price

XRP price plunged 14.92% over the past day to trade at $0.4793. The crypto’s 24-hour lows and tops were $0.4675 and $0.5583, respectively.

DOGE & SHIB Prices

Dogecoin’s price saw a 1.62% fall over the past day and is currently trading at $0.09174. Shiba Inu’s price tumbled 14.87% to trade at $0.00001204.

Similarly, PEPE, WIF, and FLOKI dipped 18%-21%.

Also Read: Crypto Market Crash: Liquidations Cross $800 Million As Japan’s Nikkei Drops 7%

Crypto Losers Today

Bittensor (TAO) price crashed 25.95% to $186.96.
KuCoin Token (KCS) price fell 22.59% to $6.81.
Ethereum Name Service (ENS) price tumbled 22.19% to $16.05.
Lido (DAO) price dipped 22.13% to $1.04.

Also, it’s worth noting that the only crypto gainer today was Tether Gold, up 0.15% to $2,449.72. Besides, the hourly time frame charts underscored the presence of upside movement on BTC and ETH, fueling contrasting speculations on the crypto prices today.

Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, US Elections, & Ripple’s XRP Spark Buzz

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The dynamic realm of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Bitcoin (BTC) price saw a considerable pump post-U.S. elections, whereas the broader market mirrored immense bullishness in light of Donald Trump’s win as the 47th president. Simultaneously, Ripple’s XRP stole the spotlight this week, witnessing remarkable developments.

So, here’s a brief overview of some of the top market headlines reported by CoinGape Media over the past week.

BTC & Crypto Market Mirrors Bullishness Post-US Elections

Notably, this week saw Republican Donald Trump winning the U.S. presidential elections 2024, proving highly bullish for the broader cryptocurrency market. CoinGape Media reported that BTC scaled a new ATH this week in light of the Republican’s recent win. Moreover, with the American elections concluding, a total of 242 pro-crypto candidates were elected to the U.S. House of Representatives. Also, 14 pro-cryptocurrency candidates were elected to the Senate. Overall, the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets, ultimately proving bullish for the broader industry.

Meanwhile, market speculations that the U.S. SEC will drop a majority of the digital asset lawsuits persist in light of the pro-cryptocurrency candidate’s victory. Further, even speculations of SEC chair Gary Gensler’s resignation under Trump’s presidency persisted across the market this week.

In the interim, Dogecoin caught the eyes of market watchers globally, primarily in the wake of Elon Musk’s D.O.G.E. role under Trump’s cabinet. The meme coin soared nearly 50% over the past week, cementing investor optimism on the asset’s price movement.

Simultaneously, it’s noteworthy that new BTC wallets embarked upon an accumulation spree this week, bagging nearly $145 million worth of coins. Also, the U.S. Fed announced slashing the interest rates by 0.25 bps, adding to the optimism surrounding risk assets this week. In turn, BTC price soared to hit a new ATH this week at $77,507. Weekly gains for the flagship crypto totaled 13% amid the U.S. election buzz.

Ripple’s XRP Garners Attention

Meanwhile, Ripple’s XRP sparked significant market discussions this week, seeing notable developments in light of Trump’s win with a pro-crypto stance. Ripple CEO Brad Garlinghouse reflects immense optimism for the cryptocurrency industry in the wake of the Republican’s win.

Further, the odds of an XRP ETF gained substantial weight this week in light of Trump’s pro-cryptocurrency administration. Also, Ripple recently hinted at plans to launch a Dirham-backed stablecoin in the UAE. In addition, XRP price witnessed a 14% upsurge over the past week, reaching the $0.57 level.

Overall, the abovementioned developments set off waves of discussions across the digital asset industry this week.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US CPI, Fed Powell Speech Among 5 Key Crypto Events To Watch This Week

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The crypto market eagerly awaits the US CPI inflation data this week, which is likely to decide the future path of the Federal Reserve’s monetary policy plans. Besides, a flurry of other key events, including Fed Chair Jerome Powell’s speech is also scheduled later this week. Notably, this comes a week after the US FOMC decided to cut interest rates for the second time this year.

US CPI, Fed Chair Powell Speech, And Other Events To Watch This Week

The US CPI is one of the most awaited events for this week, as it would shed light on the inflationary pressure on the nation. Besides, speculations also soared as the US Fed announced a 25 bps rate cut at last week’s FOMC, with many expecting a similar cut in December. According to CME FedWatch Tool data, there is about a 65% probability of the Fed announcing another quarter-basis rate cut next month.

In addition, the US PPI inflation data is also scheduled for next week, which would further provide cues on the country’s economic health. However, it’s worth noting that this set of inflation figures is likely to set the path for future Fed rate cuts despite the market anticipation over a 25 bps point cut again in December.

The recent Jerome Powell speech from last week was closely watched by the investors. Following last week’s US FOMC, the Fed Chair said that the central bank’s monetary stimulus remains restrictive while saying that the bank should maintain “an appropriate recalibration” of its policy plans.

Having said that, the market will closely watch this week’s speech of Fed President Jerome Powell. If Powell indicates any future hawkish move in this week’s speech, scheduled for November 14, it could significantly impact the market sentiment.

Monthly US Federal Budget And Fed Officials Speeches In Focus

Apart from the above-mentioned developments, the market will also keep a close track of other Fed official’s comments for clarity on the Central Bank’s future moves. On Tuesday, Fed Governor Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia President Patrick Harker are scheduled to speak.

Following that, the Dallas Fed President and St. Louis Fed President will speak just after the US CPI inflation release. Their comments will be closely watched by the traders who are seeking clarity on the potential impact of inflation on the central bank’s future decisions.

In addition, the weekly initial jobless claims are expected also scheduled for Thursday, which will shed light on the Labor market health in the US. Having said that, the market will keep a close track of these events, especially after a strong rally in the crypto market last week.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano Founder Charles Hoskinson Confirms Crypto Advisor Role Under Donald Trump

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Cardano Founder Charles Hoskinson has confirmed plans to collaborate with the U.S. government under Donald Trump to help shape crypto legislation. The goal is to create clear regulatory frameworks for the cryptocurrency industry, which has faced years of uncertainty and regulatory challenges.

Charles Hoskinson revealed these plans during a recent address, where he emphasized the need for bipartisan support in developing crypto-friendly policies. This development comes as Cardano, along with other major blockchain networks like Bitcoin, faces ongoing regulatory scrutiny from U.S. agencies.

Cardano Founder Charles Hoskinson Crypto Advisor Role

Hoskinson stated that his company, Input Output Global (IOG), will establish a dedicated policy office to focus on crypto regulation. The office will work to integrate aspects of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA) into a comprehensive legislative proposal. “I will work with lawmakers and the administration to get a bipartisan bill passed,” he said.

The Cardano founder highlighted the importance of cooperation across party lines, pointing out that the recent FIT21 bill passed in the House with over 60 Democrat votes, indicating growing support for bipartisan crypto legislation.

Charles Hoskinson’s statement also acknowledged the potential influence of a Republican-controlled Senate, House, and presidency in the coming years. He expressed optimism that the political environment could present an opportunity for the crypto industry to secure much-needed regulatory clarity. He remarked,

“This is the best opportunity we have ever had in the history of the industry to get clarity.”

This Is A Breaking News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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