Cryptocurrency Market Drops 2.5% Amid Broader Market Weakness

The cryptocurrency market saw a 2.5% drop to around $2.45 trillion, wiping out over $530 million in long bets on July 28, 2026. The decline in crypto equities was led by BMNR, CRCL, MSTR, and ASST, with BMNR's stock falling more than 4% in pre-market trade. The drop came amid broader weakness in both equities and cryptocurrency markets.

The SPDR S&P 500 ETF (SPY) was down 0.06%, while the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) fell around 0.8%. The Federal Reserve's two-day policy meeting was set to kick off, and investors were also concerned about China's semiconductor industry and South Korea's technology-heavy market.

Ethereum, Ripple's XRP, and Solana led the decline among crypto majors, with Ethereum's price dropping by over 4% to around $1,880. Bitcoin's price fell 2.7% in the last 24 hours to trade at around $63,400. Over $630 million of leveraged cryptocurrency bets had been wiped in the last 24 hours, with long bets losing more than $530 million.