Weak U.S. employment data, Trump's intense political response, and rising geopolitical risks collectively triggered significant market volatility.
Written by: angelilu, Foresight News
On August 1st, global financial markets experienced intense turbulence, with the cryptocurrency market being no exception. BTC dropped to 112,751 USDT in the early morning, erasing nearly three weeks of gains and creating a new low since July 10th, with BTC price at 113,639 USDT at the time of writing. ETH also fell to a recent low of 3,431 USDT in the early morning.
According to Coinglass data, liquidations in the past 24 hours totaled $726 million, with long liquidations at $640 million and short liquidations at $86.85 million. ETH liquidations in the past 24 hours reached $270 million, exceeding BTC's $165 million.
Crypto-related stocks in the U.S. performed poorly, with Coinbase dropping 16.7%, Riot Platforms falling 17.75%, and Circle declining 8.4% at market close yesterday. This indicates investors' decreasing risk appetite for crypto assets.
Weak U.S. employment data, Trump's intense political response, and rising geopolitical risks collectively triggered significant market volatility.
Macro Environment: U.S. Employment Data Collapse Shakes Market
On the evening of August 1st, the U.S. Bureau of Labor Statistics released the July non-farm employment report, showing that U.S. non-farm employment increased by only 73,000 in July, significantly below the expected 104,000, marking the smallest increase since October last year. Even more shocking to the market was the bureau's substantial downward revision of previous data, reducing the employment figures for the past two months by 258,000.
[The translation continues in the same manner for the entire text, maintaining the specified translations and preserving any HTML tags.]
