Crypto is red across the board today, and for once the trigger did not come from crypto at all. It came from a single subscription-only tech report about lithography machines in Shanghai. That story took down South Korea's stock market, dragged the entire AI hardware complex with it, and landed on a crypto market that was already sitting on its hands ahead of tomorrow's Federal Reserve decision.
Here is what actually happened, in order of importance.
How far has crypto fallen today?
$Bitcoin broke back below $64,000 on July 28, trading around $63,150 and down roughly 2.8% over 24 hours. It is the third time BTC has cracked that level since July 24, and each break has come with a liquidation cascade attached. Today's flush wiped out about $100 million in leveraged positions inside a single hour. The July 24 version was larger, at roughly $87 million.
Altcoins took the harder hit, as usual:
- Ethereum ($ETH): around $1,872, down about 3.5%
- $XRP: around $1.05, down about 4.4%
- Solana ($SOL): around $73, down about 4.1%
- Hyperliquid ($HYPE): around $56, down about 6%
Total crypto market capitalisa...
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