Bitcoin News Today: Bitcoin Drops 2.14% Amid Profit-Taking, Smaller Tokens Surge Over 4,800%

The global cryptocurrency market experienced a mixed performance amid heightened short-term volatility over the past 24 hours, with major cryptocurrencies exhibiting divergent trends. The total crypto market cap stood at $3.92 trillion, reflecting a 2.37% decline from its previous value, while 24-hour trading volume rose by 30.61% to $155.99 billion. The Crypto Fear & Greed Index remained in neutral territory at 56 points, signaling cautious market sentiment amid the recent turbulence [1].

Bitcoin (BTC), the leading cryptocurrency, fell by 2.14% within the last day, trading at $115,714.36. Its market dominance remained stable at 58.8%, though the decline highlighted ongoing profit-taking and technical corrections. Similarly, Ethereum (ETH) dropped by 3.36%, reaching $4,334.64 with a market dominance of 13.4%. Analysts noted that these corrections could offer entry points for buyers but warned that the sector remains highly susceptible to rapid shifts due to macroeconomic and geopolitical factors [2].

Despite the downward trend in major cryptocurrencies, smaller tokens saw significant gains. Snowy Owl ($SWOL) surged by 4,892.94% to $0.00002515, while BullRun Meme ($BRM) climbed 3,470.62% to $0.001500. Auto ($AUTO) also saw a sharp increase of 2,455.87%, settling at $226.32. These dramatic gains underscore the speculative nature of the market and the potential for rapid price movements among less-established projects [1].

On the DeFi front, total value locked (TVL) fell by 0.81% to $151.035 billion, with Lido experiencing a 2.31% drop to $38.374 billion. However, Saros stood out as a top performer in terms of 1-day TVL change, rising by an impressive 854%. In the NFT space, sales volume increased by 9.86% to $18,024,910, showing continued resilience despite the broader market's decline. The top NFT collection, Courtyard, recorded a 0.27% decrease, reaching $1,823,899 [1].

Market observers linked Bitcoin's recent price rally—reaching a peak above $118,423—to optimism surrounding geopolitical developments. Former U.S. President Donald Trump’s discussions with Ukrainian President Volodymyr Zelensky and EU leaders were interpreted as signaling potential progress toward resolving the conflict with Russia. This optimism translated into a 10% surge in Bitcoin’s price as investors positioned for reduced geopolitical risk [4]. Additionally, the rising probability of a U.S. Federal Reserve rate cut in September—currently at 84.6%—offered further support to risk assets, including cryptocurrencies [9].

Coinbase, a major crypto exchange, launched a new initiative called “Everything Exchange” in New York, aiming to expand its on-chain trading operations. Meanwhile, Metaplanet increased its Bitcoin holdings to $2.18 billion through a new buyout. In contrast, investors faced significant losses as several Nasdaq-listed Chinese microcap stocks—such as Concorde International, Pheton Holdings, and Everbright Digital—declined sharply, collectively eroding $4 billion in value [1].

The recent volatility highlights the complex dynamics influencing the crypto market. While technical corrections and profit-taking have dampened sentiment, positive geopolitical signals and macroeconomic expectations continue to drive optimism. However, investors remain cautious, as the market remains sensitive to both global developments and shifting investor sentiment.

Sources:

[1] https://coinmarketcap.com/community/articles/68a3b3145ddfea56882ec66c/

[2] https://x.com/blockchainrptr/status/1957397327662268763

[4] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-jumps-10-trump-peace-talks-optimism-higher-fed-rate-cut-odds-2508/

[9] https://www.ainvest.com/news/bitcoin-news-today-fed-rate-cut-odds-hit-84-6-fueling-crypto-gains-volatility-2508/