The crypto market cap fell nearly $27 billion on July 23 as the Nasdaq 100 dropped over 2.5%, triggered by Iran conflict escalation and earnings. Bitcoin led the sell-off with $180M in long liquidations.
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The crypto market cap fell by $26.9 billion on July 23, dropping to $2.3 trillion from $2.33 trillion, according to CoinGecko data. That represented a 1.16% decline.
The Nasdaq 100 lost more than 2.5% on the same day. The Kobeissi Letter said the sell-off in both markets was driven by the escalating Iran conflict and earnings results. The U.S. dollar index rose, which Aksel Kibar, a former fund manager, described as bullish momentum.
Bitcoin led the broader crypto decline, with over $180 million in long positions liquidated, CoinGlass data showed. The sell-off coincided with new developments on the Clarity Act, a bill that would create clearer rules for the industry. Grayscale said the legislation could unlock the next wave of adoption. On-chain data also showed a surge in Bitcoin whale buying pressure, and U.S. spot Bitcoin ETFs have recorded seven consecutive days of net inflows, according to SoSoValue.
The crypto market decline followed a broader risk-off move in technology stocks, with investors weighing geopolitical risks and corporate earnings.
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