Crypto Bloodbath: NFP Shockwave Sends Bitcoin & Altcoins Plunging (Aug 2nd Update)
Markets reel as hotter-than-expected jobs data triggers risk-off avalanche. Crypto bulls caught flat-footed—again.
Red screens dominate trading desks
No sector spared as correlation spikes: blue-chip tokens and meme coins alike get liquidated. 'Decoupling' narrative? Another casualty.
Traders scramble for exits
Leverage gets annihilated—$200M+ in long positions vaporized within hours. CEX order books flash red, OI nosedives. Classic 'buy the rumor, sell the news' play... if anyone actually predicted this news.
Silver lining for degenerates
Perpetual funding rates flip negative—first time in weeks. Contrarians eye entries as weak hands get shaken out. (Reminder: 'buying the dip' only works until it doesn't.)
Wall Street's favorite volatility pump meets Main Street's reality check. Some things never change—least of all crypto's flair for dramatic overreactions.
The NFP and Unemployment Rate Data | Source: Forex Factory
Bitcoin And ETH Dips Following NFP News
Following this, Bitcoin, which has been holding the $118k mark for the past few days, dipped to $114 before recovering shortly after to $115k. At the time of writing this report, Bitcoin is consolidating downwards and trades for $115,680. According to CoinMarketCap, this is a 2% drop from the previous day.
This had led to a 2.18% drop in its market cap over the same period, with market valuation now sitting at $2.29 trillion, but with a 28% surge in trading activity. This is about $90 billion in trading volume
Ethereum, the second-largest cryptocurrency by market cap, was left out as it dropped by 3.44% in 24 hours. Although it still trades above $3,600, the token dropped from $3,812, which it was during the Asian session trading hours, and is now trading for $3,640.
Market cap has also dropped by 3.66% in the last 24 hours to $438.48 billion, while activity volume is up 22% to $43.29 billion.
HyperLiquid Lost 10%
Hyperliquid saw a significant loss of 10.34% over the same 24-hour period. Currently, the token is trading for $39.56 after dropping from $43.69, which it was trading at during the asian session.
As a result of this, its market valuation has dipped by 10.74% and now sits at $13.1 billion. Trading activity is up by 47% but this suggests that the majority of the activity is investors and traders selling their positions, with over $584.81 million in trading volume
Trending Cryptos Today
- Bitcoin (BTC)
- Manyu (MANYU)
- XRP (XRP)
- Sui (SUI)
- Ethereum (ETH)
- Pi (PI)
Top Gainers & Losers Today
| Gainers | Losers |
| PAX Gold (PAXG): +1.40% | SPX6900 (SPX): -11.34% |
| Tether GOLD: +1.39% | HyperLiquid (HYPE): -11.14% |
| Four (FORM): +0.07% | Curve DAO (CRV): -9.65% |
| XDC Network (XDC): +0.01% | Pendle (PENDLE): -9.31% |
| Pudgy Penguins (PENGU): -7.90% |
Crypto Marketcap Overview
Due to the drop, the overall market valuation has dropped by $3.16 and now sits at $3.73 trillion. This is a 10% drop from its all high of $4 trillion, which it recorded on the 25th of July. This is with an intraday trading activity which is up by 20% today to $202.85 in trading volume, according to CoinMarketCap.
Meanwhile, about $188,406 traders have been liquidated from their position in the last 24 hours. This results in $812,39 million lost to the market, almost $1 million, according to Coinglass. $734.53 million of the total was from long position traders, while $76.22 million came from shorts.
Also Read: Coinbase Buys 2,509 BTC, Entering Top 10 Holders Surpassing Tesla
