Crypto Industry Crash of August 2024: $528 Billion Lost

Before the start of last week's cryptocurrency crash, there were massive promises made for the further growth of cryptocurrency in America

Last week's top story covered by Tech Times was the massive cryptocurrency crash that took place at the start of August 2024, with the entire industry affected by this problem. The renowned top ten of the crypto market like Bitcoin, Ethereum, Binance Coin, Solana, XRP, Dogecoin, and more have also been severely affected, with their plummet tearing apart their users.

Before the start of last week's cryptocurrency crash, there were massive promises made for the further growth of cryptocurrency in America, with Trump claiming that it would make the United States a "crypto capital of the world." But that was not enough assurance and backing for the Presidential candidate as the entire industry experienced its worst times this year.

Since the start of 2024, the world saw the market recover its losses after almost two consecutive years of struggling to raise the valuation of each coin, as well as the entire industry.

August was not off to a good start, as CoinShares revealed in its monitoring of the industry that crypto already had a collective loss of $528 billion because of this recession in the U.S.

The industry's top whales have also withdrawn or transferred their holdings, with a massive bullish climate tossing the crypto market down the cliff.

This massive crash saw significant effects on the top coins in the market, with the likes of BTC, ETH, SOL, XRP, DOGE, BNB, and more seeing at least a 15 percent crash.

Bitcoin crashed to its lowest point of $49,000 from its already critical drop to $60,000 from $66,000 two weeks before and then settled to around $51,000.

Ethereum was said to have had its largest crash, as from being valued at $3,300, it was found at $2,300 as the week started.

BNB faced a 26 percent drop, while Solana saw the steepest crash at 35 percent, XRP with a 22 percent loss, and DOGE with a 32 percent crash.

Only stablecoins tied to USD like USDT and USDC maintained their price.

Despite this horrifying event last week, CoinMarketCap's charts are now seeing green, with the top cryptos in the market looking to make a comeback.

Further down the list, XRP is at 7th with a 28.31 percent increase, Toncoin at 8th with a 26.97 percent increase, Dogecoin at 9th with a 28.21 percent increase, and Cardano at 10th with a 16.11 percent increase, all over the past seven days.