Crypto Bloodbath: Bitcoin & Top Altcoins Shatter Key Supports as Memecoins Lead the Carnage (August 03)

Crypto markets got steamrolled overnight—BTC and major alts sliced through critical levels like a hot knife through institutional FUD.

Memecoins take the hardest hit

While blue-chip cryptos bled, the meme brigade got absolutely wrecked. Retail's favorite degenerate bets are now funding smart money's yachts—just as the gods of finance intended.

Technical breakdown turns ugly

Support levels that held for weeks folded faster than a VC's moral compass. The charts aren't just bearish—they're giving 2018 flashbacks.

Silver lining? This flushout vaporized leverage better than a Fed rate hike. Now we see who's been swimming naked.

Market Loses Grip, Litecoin Price Defies Negative Action

Elite cryptocurrencies like Bitcoin, Ethereum, XRP, BNB, & Solana have each displayed a negative trend during the last 24 hours. This has resulted in most of them retesting or breaking below their important watch zones. With a drop of ~2%, BTC price retested $113k, whereas Ethereum broke below its $3.5k mark with 4.19%.

Following in the footsteps of these two tokens, most tokens have mirrored the trend pattern today. While there is no concrete justification of the ongoing market sentiments, marketers consider today’s U.S. stock market correction to play a crucial role.

The memecoin market with a drop of over 23% in its trading volume to $8.17 billion has experienced a significant correction in its category valuation. Notably, memecoins are worth approximately $62.91 billion, a change of -5.56%.

Among top memecoin losers are Fartcoin with a drop of ~10%, Brett with 8.87%, and SPX with about 8%. Furthermore, top memecoins crash today as Dogecoin, Shiba Inu, Pepe, & Bonk have also dropped considerably. This trend suggests a mass liquidation-like situation in the market.

However, the Litecoin price has displayed a positive action by adding over 4% to its valuation today. This makes it the best-performing crypto in the daily chart. With a trading volume of $852.07 million (-17.5%), the market share of this altcoin has increased to $8.29 billion with a dominance of 0.2256%.

Trending Cryptos Today

• Pi (PI)

• Treasure (MAGIC)

• Alaya Governance Token (AGT)

• Audius (AUDIO)

• Privasea (PRAI)

Top Gainers & Losers Today

Crypto Marketcap Overview

As per the latest data from CoinMarketCap, with an intraday trading volume of $160.01 billion, a change of -19.74%, the global crypto market is currently valued at $3.68 trillion.

Adding to this, the Fear & Greed Index is at 51, suggesting a steady decline in market greed. On the other hand, the Altcoin Season Index is now at 37, indicating increasing volatility within the crypto community.

Over the course of 24 hours, an estimated 130,193 traders were liquidated as per the data of CoinGlass. This brings the total liquidation to a massive $534.51 million. Of the liquidations recorded, the single largest was recorded on the largest centralized cryptocurrency exchange which is Binance. The value of this liquidation order was $4.45 million as was witnessed on the ETH/USDC pair.

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