August 2, the crypto market experienced significant movements.
Bitcoin showed resilience by maintaining its value above $64,000, rising 0.68% to $64,442.02 after briefly dipping below $63,000. A notable whale transaction involved a major investor buying 4,600 BTC during this dip, which, along with $50 million inflows into Bitcoin ETFs, boosted market confidence.
However, altcoins presented mixed results.
Ethereum dropped 0.64% to $3,161.96, with similar declines in Solana and XRP. Solana fell 2.79% to $164.44, and XRP lost 3.91%, settling at $0.5873. Ethereum’s drop was partly due to outflows from some ETFs, despite a net positive inflow of $26.7 million into others, such as iShares’ Ethereum ETF.
Some altcoins defied the trend, posting notable gains. Aave rose 8.84% to $114.75, Helium increased by 6.28% to $5.08, and Popcat jumped 5.56% to $0.6878.
Mt. Gox and inflation.
Additionally, the market is closely watching the Mt. Gox situation, where the bankrupt exchange recently transferred $3.1 billion in bitcoin to another custodian, indicating the impending conclusion of creditor repayments. Despite this large transfer, market stability suggests investors were well-prepared for this event.
While the market shows resilience, investors remain cautious due to ongoing selling pressure and economic indicators like the U.S. jobs report, which continue to influence Bitcoin and other cryptocurrencies’ future price movements.
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