The cryptocurrency market experienced a significant downturn on August 1, 2025, as Bitcoin fell below the critical $115,000 support level, triggering a broader sell-off.
As a crypto bloodbath ensued amid widespread panic selling top altcoins followed suit. Ethereum (ETH), XRP (XRP), and Solana (SOL) all shed recent gains, with the spillover effect plunging small caps by double-digits or more.
The global crypto market capitalization dropped by 3.5% over the past 24 hours to cut the market to $3.7 trillion. Meanwhile, crypto liquidations rose to over $850 million and open interest fell to $189 billion.
Why did crypto crash today?
The crypto market’s 3.43% decline over the past 24 hours mirrors losses in the Nasdaq and broader macroeconomic jitters. BTC failed to rally after a Fed rate decision helped bulls bounce off lows. As such, a risk-off sentiment looks to have taken hold as traders.
Other factors include weak U.S. jobs data, escalating fears of new tariffs. Geopolitical tensions also spooked traders. The liquidation of leveraged long positions also eroded investor confidence, prompting a cascade of profit-taking deals.
Bitcoin dips below $115k
Bitcoin, the leading cryptocurrency, slipped below the $115,000 threshold. This saw BTC touch lows of $114,061, with analysts saying traders might have to watch a bounce off $112k for signals of short-term stability.
According to CryptoQuant’s realized profit and loss chart, the current dip aligns with historical patterns of profit-taking. Julio Moreno’s analysis suggests this could lead to a consolidation period before the next upward push.
The outlook for Bitcoin, as highlighted by Julio Moreno of CryptoQuant, could precede further corrections before the next upward trend. Glassnode’s recent data also indicates a surge in realized losses, pointing to the market’s fragility amid these macroeconomic pressures.
Crypto analyst Lark Davis sees a similar trend, but says August in post-halving years has been bullish for BTC.
ETH, XRP, SOL retreat to key levels
Major altcoins followed Bitcoin’s downward trajectory, with Ethereum, Solana, and XRP retreating to critical support levels.
Ethereum (ETH) dropped below $3,600, erasing gains from its recent rally.
Meanwhile, Ripple’s XRP dropped below $3.00 before recovering to hover at the key level.
Solana moved away from the psychological target of $200 as SOL fell to below $170.
Most of the top altcoins shed between 3% and 7%, with BNB bucking the trend as analysts say it continued to outperform peers.
BNB is quietly outperforming everyone.
While most majors saw 60–80% drawdowns, BNB never fell more than 30%, and it’s already back near ATH.
Top crypto losers today
According to CoinMarketCap’s gainers and losers tracker, several cryptocurrencies posted double-digit losses over the past 24 hours.
While coins like Uniswap, Arbitrum and Optimism posted notable declines, Hyperliquid, SPX6900 and Pump.fum recorded double-digit losses.
HYPE, SPX and PUMP were all down 11% to 14%, with Injective also plummeting 10%.
In the small cap tokens segment, ResearchCoin, Centrifuge, and Zircuit ranked among the biggest losers on the day.
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