Bitcoin drops to $113,000, Ethereum drops 2.43% in the cryptocurrency market

The cryptocurrency market is adjusting due to the impact of lower-than-expected US non-manufacturing PMI index, increasing stagflation risks.

Bitcoin, Ethereum, and sectors like SocialFi, Non-Fungible Token, DeFi have all recorded declines in the past 24 hours, while some individual projects have maintained growth momentum.

How does the US non-manufacturing ISM index affect the cryptocurrency market?

The US July non-manufacturing ISM index was lower than forecast, increasing stagflation risks and making investors more cautious about risky assets like cryptocurrencies.

In this context, the cryptocurrency market capitalization responds with mild sell-offs, reflected in the decline of Bitcoin and Ethereum. The slowdown in US economic activity increases pressure on global financial markets and cryptocurrencies.

The impact from the PMI index also reduces confidence in developing cryptocurrency sectors like SocialFi, Non-Fungible Token, DeFi, causing many Tokens to show deep downward trends.

What is the price movement of Bitcoin and Ethereum during this period?

Bitcoin dropped 0.76% to $113,000, Ethereum fell more than 2.43%, dropping below $3,600 – reflecting the cautious sentiment of major investors.

Bitcoin maintains its position as the "digital gold" while ETH faces significant pressure due to the overall market decline, along with unfavorable technical and macroeconomic factors.

"The cryptocurrency market always responds sensitively to macroeconomic fluctuations, especially during periods of high stagflation risks."

Financial Expert Nguyen Van Minh, 2024

Which cryptocurrency sectors are experiencing negative and positive impacts?

SocialFi, after continuous growth, dropped an additional 6.04% in 24 hours with Toncoin (TON) losing 7.39%, Non-Fungible Token also declined 5.56%, with Pudgy Penguins (PENGU) dropping 7.80%.

RWA decreased 5.48% but saw a notable rise from MANTRA (OM) increasing 2.45%, Layer2 slightly dropped 1.93% but Mantle (MNT) maintained a growth of 8.55% for two consecutive days. Sectors like CeFi, Layer1, DeFi, PayFi, MEME all declined at different levels.

This indicates that despite overall market pressure, many small projects still show positive movements due to technical factors or specific news.

"In a volatile market, investors should pay attention to Tokens with intrinsic growth potential, rather than just looking at the general trend."

Tran Thi Hong, CEO of a cryptocurrency investment fund, 2024

Which Tokens show significant price movements?

Toncoin (TON) dropped 7.39%, Keeta (KTA) fell deeply by 11.53%, Pudgy Penguins (PENGU) declined 7.80%, Maker (MKR) dropped 8.10%, Bonk (BONK) decreased 8.86%. Meanwhile, Mantle (MNT) rose 8.55%, MANTRA (OM) increased 2.45%, Pump.fun (PUMP) grew 5.90%.

This exemplifies that the market is not uniform, with some tokens heavily impacted and others benefiting from unique technological, governance, or positive news characteristics.

Frequently Asked Questions

How does the US non-manufacturing ISM index affect cryptocurrencies?

A low ISM index can increase concerns about stagflation, causing capital to flow away from risky assets like cryptocurrencies, triggering significant corrections.

Are Bitcoin and Ethereum trending up or down during this period?

Bitcoin declined slightly while Ethereum dropped more significantly, reflecting ETH's higher sensitivity to macroeconomic fluctuations.

What challenges are SocialFi and Non-Fungible Token facing?

SocialFi and Non-Fungible Token prices are declining due to overall market pressure and investor retreat after a period of strong growth.

Which Tokens stand out during market volatility?

Mantle (MNT), MANTRA (OM), and Pump.fun (PUMP) are some Tokens showing positive movements recently amid the overall market decline.

How can investors respond during a cryptocurrency market correction?

Investors should focus on technical analysis, diversify their portfolio, and choose Tokens with solid foundations to minimize risks.