The cryptocurrency market has experienced a significant downturn over the past 24 hours as investor confidence weakened following concerns about Federal Reserve independence. Market analysts pointed to dissent from two Trump-appointed officials regarding Wednesday’s rate cut decision as a key factor driving negative sentiment.
Seasonal headwinds have further dampened market momentum as Bitcoin (BTC) and other major cryptocurrencies lost ground. BTC saw increased bearish pressure as it dropped below $118,000, hitting an intraday low of $114,758 before recovering slightly above $115,000. The flagship cryptocurrency is currently down over 2% during the session, trading around $115,634.
Ethereum (ETH) faced steeper losses, falling below $3,700 and registering nearly a 5% decline to trade around $3,680. Meanwhile, Ripple (XRP) slipped below the $3 mark and is down almost 6% at $2.95. Solana (SOL) dropped 7% to $168, while Dogecoin (DOGE) declined nearly 8%. Cardano (ADA) fell over 7% to $0.724, with all top ten cryptocurrencies trading in bearish territory. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Toncoin (TON), Litecoin (LTC), and Polkadot (DOT) also posted substantial declines.
1 week later. funding and OI down (but not negative yet), L/S ratio slightly ticking up but still very low. Everyone longed the top and got washed. $BTC $ETH $SOL – we have seen extreme resilience in the majors (~5-7% moves) while alts across the board bleed down (many >20%… pic.twitter.com/EnknG5vGnE
— Jaam (@JaamJaam22) August 1, 2025
SEC Launches “Project Crypto” Initiative
The United States Securities and Exchange Commission (SEC) has unveiled “Project Crypto,” a new initiative designed to modernize cryptocurrency regulation across the country. SEC Chair Paul Atkins announced the program, which aims to help US financial markets transition to on-chain operations while maintaining America’s leadership position in capital markets and cutting-edge technologies.
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