Crypto Market Cap Drops $30 Billion in Three Days Amid Global Sell-Off
CryptoNewsTerminal Staff04 Aug, 2024
Crypto Market Cap Drops $30 Billion in Three Days Amid Global Sell-Off
Over the past three days, the total cryptocurrency market capitalization has plummeted by approximately $31.3 billion, according to Cointelegraph. The sell-off in the crypto markets has been fueled by weakness in global equities. The sell-off over the past three days has been the largest in almost a year. Notably, SOL has been the worst performer among the top ten coins by market cap, shedding 25.7% over the period. BTC and ETH are down 14% and 17%, respectively. The market rout comes as a confluence of factors including disappointing jobs data, slowing growth projections for big tech companies, and recession fears. Tech giants Microsoft and Intel reported quarterly results that missed market expectations, while Nvidia was hit by a downgrade amid bets on a September rate cut. As a result, funds have flowed into smaller-cap altcoins.
