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Cryptocurrency Market Wipes Out $300 Billion...Jumping Crypto Asset Sales Spur Downward.

The cryptocurrency market has suffered its biggest drop in over a year with a steep decline in the last three days, according to BlockMedia. Poor employment data and recessionary fears have driven the stock market lower, which has also affected the crypto market. According to Cointelegraph, the crypto market lost $313 billion in market capitalization in the three days since Aug. 2. This is the largest decline since mid-August 2023.

Solana (SOL), one of the top 10 cryptocurrencies, has plummeted 25.7% since July 30, falling from $184 to $137. Bitcoin (BTC) and Ethereum (ETH) are also down 14% and 17%, respectively. The plunge was largely driven by weak employment data, slowing growth in major tech stocks, and fears of a recession. Major companies such as Microsoft and Intel reported lower-than-expected Q2 earnings, which negatively impacted the market as a whole. Nvidia, a major player in the market, was also hit as capital moved to smaller companies in anticipation of interest rate cuts.

Market experts believe that Jump Crypto's massive asset sale exacerbated the plunge. According to Arkham Intelligence data, Jump Crypto has sold hundreds of millions of dollars worth of assets in recent days. According to Alternative, the Crypto Fear and Greed Index, which tracks investor sentiment towards Bitcoin and the crypto market, has now fallen to the "panic" level, and was at 26 at the time of writing.

Cryptocurrencies are likely to face a tough week ahead. "Bitcoin has entered a CME gap, but technically it can only be filled during traditional financial trading hours," said Keith Alan, co-founder of Mutual Indicators, adding that the future recovery of the crypto market "will depend on increased spot demand fr

“Zhao Changpeng's release from prison could boost BNB and 5 other altcoins”

With former Binance CEO Changpeng Zhao set to be released from prison on September 29th (local time), BeInCrypto reports that five altcoins are likely to see an uptick in value. BNB is one of the most prominent coins expected to see price movement following Zhao's release from prison.

blockchain crypto cryptocurrency French Hill blame Gary Gensler (SpotedCrypto)

French Hill : “SEC's approach to regulating crypto firms will only confuse markets”

During a hearing on the Securities and Exchange Commission (SEC) held by the U.S. House of Representatives' Financial Services Committee on March 18 (local time), Congressman French Hill criticized SEC Chairman Gary Gensler's approach to regulating cryptocurrency companies, saying that it is causing confusion and uncertainty

blockchain crypto cryptocurrency us fed ratecut 50bp (SpotedCrypto)

US Fed 'big cuts' interest rates by 0.5 percentage point to bring inflation closer to target, considers another 50 basis point cut later in the year.

The US Federal Reserve's (Fed) Federal Open Market Committee (FOMC) announced in an official statement that it will cut its benchmark interest rate by 0.5%. This is the first rate cut in nearly four years. The Fed raised rates from March 2022 through July of last year.

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