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<p class="is-style-lead">Bitcoin showcased its correlation to traditional markets on Aug. 1 as the cryptocurrency slumped alongside stocks and market indexes.</p> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) has declined over 10% since July 29, when the cryptocurrency surged toward $70,000 and reached a two-month high after Donald Trump’s remarks in Nashville. As of this writing, the asset was trading under $63,500.</p> 
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  <img loading="lazy" decoding="async" width="1114" height="653" src="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-01_19-06-11.png" alt="Bitcoin drops 10% in 3 days"> 
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  24-hour BTC chart on Aug. 1 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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<p>BTC’s 7% slump in 24 hours coincided with significant drops in the S&amp;P 500 and Dow Jones market indexes. Specifically, the Dow Jones Industrial Average fell over 500 points in under an hour. Several large-cap stocks, such as Amazon and Nvidia, also slipped on Aug. 1 amid market fears of a U.S. recession, according to analysts from The Kobeissi Letter.</p> 
<p>Volatility in traditional markets and BTC prices also impacted the broader cryptocurrency ecosystem. CoinGecko data showed that the total crypto market cap shed 6%, dropping to $2.3 trillion after a rebound earlier in the week.</p> 
<p>Price swings saw leaders like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), and Ripple (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">XRP</a>) enter a downtrend as capital fled the digital asset industry at press time.</p> 
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   <p lang="en" dir="ltr">BREAKING: The Dow Jones Industrial Average just fell 500+ points in 45 minutes.<br><br>This came after the ISM Manufacturing Index fell to 46.8, its lowest level since August 2023.<br><br>Markets are worried that the US is heading into a recession. <a href="https://t.co/OAIyS1hrks" target="_blank" rel="">pic.twitter.com/OAIyS1hrks</a></p>— The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1819020862038954433?ref_src=twsrc%5Etfw" target="_blank" rel="">August 1, 2024</a>
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<p> You might also like: <a href="https://crypto.news/feds-lean-toward-september-rate-cut-bullish-for-bitcoin/"> Fed’s lean toward September rate cut bullish for Bitcoin </a> </p> 
<h2 class="wp-block-heading" id="ether-bitcoin-lead-crypto-liquidations">Ether, Bitcoin lead crypto liquidations</h2> 
<p>Per CoinGlass, margin positions were <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">unspared</a> by market volatility. Over 105,480 traders were liquidated, and the downturn wiped out $324 million in leveraged positions.</p> 
<p>Ether longs led crypto liquidations with $72 million, meaning that traders betting on higher ETH prices received margin calls. In close second, BTC posted $69 million in long liquidations.&nbsp;SOL, XRP, and Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>) were the three most liquidated assets after Bitcoin and Ether.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/total-recall-why-the-crypto-community-still-worries-about-the-mt-gox-collapse/"> Total Recall: Why the crypto community still worries about the Mt. Gox collapse </a> </p>

Bitcoin down 10% since end of July 29, DOW also slips

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