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The crypto market has retraced, with Bitcoin falling to $112,000, while popular coins are rising against the trend.
Crypto Market Weekly Review
This week, the crypto market experienced significant fluctuations. Bitcoin fell sharply from a high of $120,000 to around $112,000, but found some support at that level. Despite the price drop, Bitcoin's market share slightly rebounded to 61.2%, indicating that Bitcoin has performed relatively well amid the overall downward trend, while other cryptocurrencies have suffered larger declines.
On the Ethereum front, its ETF products have seen net inflows for 9 consecutive weeks, attracting over $7 billion in total. Last week, it briefly reached a high of $3,940, before falling back to $3,500 along with the market. The increase in the last 30 days still stands at 41%, with a market share of about 11.5%.
Among popular cryptocurrencies, MAGIC, M, TON, WIZARD, and MEME have performed remarkably. Among them, MAGIC had a weekly increase of 25.06%, reaching a peak of $0.2032. M increased by 50.94%. WIZARD saw a significant rise of 94.41%, with a 24-hour trading volume of nearly $680 million.
The US stock market showed an overall downward trend last week. The S&P 500 index fell 2.36% for the week, the Dow Jones Industrial Average dropped 2.92%, and the Nasdaq Composite declined by 2.17%. The July non-farm payroll data fell short of expectations, indicating a deterioration in the labor market, leading traders to increase their bets on a rate cut by the Federal Reserve in September. Additionally, news from the White House about plans to raise tariffs has also increased market uncertainty.
In the popular sector, the DeFi field is active, covering multiple subfields such as liquidity provision, stablecoins, and physical assets. Projects like Ethena and Curve DAO have seen significant increases, while PancakeSwap, Tetu.io, DIA, and MetaKujira have also garnered widespread attention.
Several projects will have token unlocks this week. IOTA will unlock approximately 8.63 million tokens, GoGoPool will unlock around 750,000 tokens, Ethena will unlock about 172 million tokens, and Immutable will unlock approximately 24.52 million tokens. These unlocking events may impact the short-term prices of the relevant projects.