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Crypto

Crypto Market Crashes Over $24B as Chip Rout Accelerates

Guavy AI Editorial Team
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The cryptocurrency market took a significant hit on July 28, losing nearly $24 billion in market value. Bitcoin's price slipped below $64,000 as a global semiconductor sell-off triggered a broader retreat from risk assets.

This decline was exacerbated by several sessions of spot Bitcoin ETF outflows ahead of the Federal Reserve meeting, which weakened demand for the cryptocurrency.

The chip rout accelerated the decline in crypto markets, with Ethereum and other major cryptocurrencies also falling. The Relative Strength Index (RSI) dropped to 44.44, indicating bearish momentum has strengthened, but the market has not yet entered oversold territory.

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