Sharp Fall in Cryptocurrency Prices Today, August 1: Bitcoin Crashes Below $116K Amid Massive Whale Dump

The global crypto market saw a sharp correction on August 1st as Bitcoin, Ethereum, Solana, and Dogecoin all traded in the red. The drop in cryptocurrency prices caused the Market volatility after the massive BTC transfers by whales triggered a wave of selling pressure.

Bitcoin Price Today

The Bitcoin price today is $115,631.15, down 2.30% in the last 24 hours and 1.68% over the past week. While BTC is still up 6.21% over the past 30 days, it has slipped below key technical support levels.

According to a report by Coindoo, on July 31 and August 1, Bitcoin dropped to the $115,000 to $115,500 range, breaching its 7-day simple moving average. The decline was triggered by massive whale activity; a previously dormant wallet moved over 30,000 BTC worth almost $3.5 billion on July 25.

Ethereum Price Today

The Ethereum price today is $3,681.06, showing a 4.59% daily drop and a mild 1.16% dip over the week. Despite this, ETH remains up 43.17% over the past month, thanks to strong momentum from Ethereum Layer-2 adoption.

Ethereum's market cap stands at $443.82 billion, with a 24-hour trading volume of $18.71 billion. However, due to the broader market decline because of Bitcoin, ETH has been pulled back from recent highs.

XRP Price Today

XRP price today stands at $2.97, down 5.30% in 24 hours and 5.18% over the past 7 days. Despite the recent correction, XRP has gained 33.07% in the last month. Its market capitalisation is $176.10 billion.

Tether (USDT) Price Today

The USDT price today is steady at $0.9999, showing no major change in the last 24 hours or week. As a stablecoin, Tether continues to be a popular safe haven during market volatility.

Binance Coin (BNB) Price Today

Binance Coin (BNB) is down 2.82% today, with the BNB price at $778.67. The token has shed gains this week but is still up 18% over the past month.

Solana (SOL) Price Today

The Solana price today has dropped by 6.43%, falling to $169.13. It's also down 9.41% for the week, despite gaining 11.03% over the past 30 days. Solana's market cap now stands at $91.01 billion.

USD Coin (USDC) Price Today

USDC is also trading flat at $0.9999, showing 0.01% changes across all timeframes. As a major stablecoin, USDC is majorly used for trading, hedging, and DeFi operations. It has a market capitalisation of $64.01 billion.

Dogecoin (DOGE) Price Today

Dogecoin price today has slipped to $0.2069, marking a sharp 7.17% daily fall and 12.46% weekly loss. DOGE remains up 22.65% over the last month, but the recent dip suggests waning meme coin momentum.