Crypto Market Drops 3.5% Amid Bitcoin Fall Below $115K U.S. Jobs Data

The cryptocurrency market experienced a significant downturn on August 1, 2025, as Bitcoin fell below the critical $115,000 support level, triggering widespread sell-offs across major altcoins like Ethereum, XRP, and Solana. This decline was influenced by weak U.S. jobs data showing only 73,000 new jobs added in July and downward revisions to prior months, raising concerns over a slowing economy and increasing fears of potential Federal Reserve rate hikes. President Trump’s announcement of modified tariffs on dozens of countries further spooked global markets, contributing to heightened volatility and over $800 million in crypto liquidations within 24 hours. Market analysts noted the risk-off sentiment and tight correlation between crypto and equity markets, with some traders anticipating further downside while others foresee a possible consolidation before any recovery. The probability of a Fed rate cut in September surged following the disappointing labor report, with President Trump advocating for significant cuts to support the economy. Despite the sell-off, some experts highlighted that August post-halving periods have historically been bullish for Bitcoin, suggesting potential for future upward momentum amid current fragility.