Total market capitalization has broken under $3.65 trillion, while Bitcoin fell through the $115K mark — a move that triggered $828 million in liquidations, with $753 million coming from long positions.
Weak U.S. jobs data showing just 73K new hires, paired with Trump’s fresh tariff threats on Chinese goods, has rattled risk sentiment. Crypto-related equities deepened the pain — Coinbase dropped 8%, while major miners fell up to 16%.
Technical charts point to potential further declines. For Bitcoin, a failure to hold $113,900 could open the door to $110K and even $108K. For the total market cap, a deeper slide toward $3.58 trillion is possible if buyers don’t reclaim $3.73 trillion quickly.
With spot Bitcoin ETFs seeing $133M in outflows and leverage still elevated, the market remains vulnerable. The next major tests come with the Fed’s August 7 comments and August 12 CPI data — both could decide whether this correction stops here or accelerates.
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