---
title: "Bitcoin down 10% since end of July 29, DOW also slips"
url: https://diffcoin.com/bitcoin-down-10-since-end-of-july-29-dow-also-slips/
description: "Bitcoin has declined over 10% since July 29, when the cryptocurrency charged toward $70,000 and reached a two-month high after Donald Trump’s remarks in Nashville"
published: 2024-08-01
updated: 2024-08-01
author: "Mila"
site: "Diffcoin"
---

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

Bitcoin showcased its correlation to traditional markets on Aug. 1 as the cryptocurrency slumped alongside stocks and market indexes.

Bitcoin (BTC) 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.

![Bitcoin drops 10% in 3 days](https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-01_19-06-11.png)

24-hour BTC chart on Aug. 1 | Source: crypto.news

BTC’s 7% slump in 24 hours coincided with significant drops in the S&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.

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.

Price swings saw leaders like Ethereum (ETH), Solana (SOL), and Ripple (XRP) enter a downtrend as capital fled the digital asset industry at press time.

> BREAKING: The Dow Jones Industrial Average just fell 500+ points in 45 minutes.
> 
> This came after the ISM Manufacturing Index fell to 46.8, its lowest level since August 2023.
> 
> Markets are worried that the US is heading into a recession. [pic.twitter.com/OAIyS1hrks](https://t.co/OAIyS1hrks)
> 
> — The Kobeissi Letter (@KobeissiLetter) [August 1, 2024](https://twitter.com/KobeissiLetter/status/1819020862038954433?ref_src=twsrc%5Etfw)

## Ether, Bitcoin lead crypto liquidations

Per CoinGlass, margin positions were unspared by market volatility. Over 105,480 traders were liquidated, and the downturn wiped out $324 million in leveraged positions.

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. SOL, XRP, and Dogecoin (DOGE) were the three most liquidated assets after Bitcoin and Ether.

[Source link](https://crypto.news/bitcoin-down-10-since-end-of-july-29-dow-also-slips/)