Crypto Markets Plummet, Investors Turn to Safe Havens
The global crypto market experienced a significant decline on Friday, with Bitcoin dropping more than 3%, hitting levels of $113,800-$115,200. Major altcoins such as Ethereum, Solana, and XRP also fell between 2.5% and 9.5% due to concerns over newly announced US import tariffs and profit-taking by investors. Global macro risks have seen riskier assets like crypto abandoned while investors seek safe havens like gold and bonds.
The sentiment hit came from Trump's new tariff announcement, which negatively impacted speculative assets. At the same time, a disappointing US jobs report raised speculation of interest rate cuts, which, while typically supportive of crypto, were now outpaced by the selling pressure.
Despite the decline, crypto ETFs continued to record substantial inflows throughout July—around $12.8 billion collectively, particularly in Bitcoin and Ethereum ETFs, which are gaining increasing institutional interest. Ethereum has even outperformed Bitcoin over the past month, thanks to support for crypto regulation from the US government and the launch of institutional Ethereum ETFs. However, this inflow has not been enough to lift spot prices, given that current macroeconomic conditions still pose significant risks to the crypto market.
Source: Newsmaker.id
