The market is bleeding again. During Trump’s latest speech, Bitcoin plummeted to $112,750. The price quickly bounced back to $113,000, but altcoins kept going down: ETH dropped to $3,700 and XRP is once again below $3. In all this chaos, these days might actually offer one of the best opportunities to scoop up best altcoins, with traders able to buy them at lower price points. But why is the market down? Here’s what we know.
U.S. stocks fell Tuesday as weak services data and new tariff remarks from Donald Trump raised stagflation concerns. The S&P 500 dropped 0.49%, the Nasdaq fell 0.65%, and the Dow edged down 0.14%. The ISM Services Index flatlined in July, signaling potential trouble for the economy’s largest sector. Trump also said new tariffs on chips and pharmaceuticals are coming. Well, it’s not like Americans needed more expensive pharmaceuticals products.
Trump: "We'll be putting an initially small tariffs on pharmaceuticals. But in one year, one in a half years maximum, it's gonna go to 150% and then it's gonna go to 250%, because we want pharmaceuticals made in our country." pic.twitter.com/YhkogWQXy4
— Aaron Rupar (@atrupar) August 5, 2025
Palantir jumped 7.9% on record revenue, while Eaton sank 7% after disappointing guidance. Analysts noted that while markets are overvalued, falling rates and strong earnings still support a “risk-on” environment.
Amid all this, the crypto market also took a hit, dropping to a $3.7 trillion market cap, with net ETF inflows showing a negative $122 million on August 5.
But despite the pressure, BTC is trading just 7% below its all-time high, ETH is slowly climbing back up, and new listings are pushing several altcoins higher.
EXPLORE: 20+ Next Crypto to Explode in 2025
Best Altcoins To Buy? PROVE Jumps +300% After Upbit Listing As Robinhood Adds ONDO and FLOKI
On August 6, Robinhood Crypto officially listed ONDO and FLOKI for U.S. users, sparking renewed interest in both tokens as traders search for the next breakout.
ONDO is currently trading at $4.49 billion market cap, with a trading volume of $170 million, up 23% in the last 24 hours. FLOKI, one of the OGs meme coin of the last cycle, with a market cap of $1 billion, is slightly up today, gaining +5% on the day. Could this OG meme coin make an explosive comeback?
[ ZOOMER ]
ROBINHOOD US LISTS ONDO AND FLOKI: SYNOPTIC
— zoomer (@zoomerfied) August 5, 2025
Meanwhile, PROVE, the native token of the Succinct protocol, skyrocketed over +300% following its listing on Upbit. The price surged from $0.30 to a high of $1.95, now stabilizing around $1.24 at the time of writing.
Succinct is building a protocol on Ethereum to coordinate a distributed network of provers that generate zero-knowledge proofs (ZKPs) for any software. It operates as a two-sided marketplace, linking requesters with provers for use cases like AI agents, oracles, and cross-chain bridges. The matching happens via an off-chain auction system, with settlements done on-chain.
U.S. Bitcoin miners are preparing for a slowdown as new tariffs on imported ASIC mining rigs take effect on August 7. The White House finalized reciprocal import duties of 21.6% on rigs from Malaysia, Thailand, and Indonesia. China remains subject to a 57.6% rate. Ethan Vera, COO of Luxor Technology, says the higher costs are already pushing machine purchases abroad, especially to Canada. While some firms like BitFuFu are adapting via U.S. energy advantages, Luxor expects U.S.-based used rigs to rise in value. Long-term, onshoring production is underway but remains years from full scale. On August 6, Bitcoin ETFs saw net outflows of 1,821 BTC (≈$208M), with Fidelity leading the exit: losing 872 BTC ($99.68M). Fidelity now holds 201,220 BTC valued at $22.99B. Meanwhile, Ethereum ETFs recorded a strong inflow of 15,494 ETH (≈$55.93M). iShares (BlackRock) was the largest buyer, adding 24,812 ETH worth $89.57M. Its total Ethereum holdings now stand at 2.95 million ETH ($10.66B). The data suggests a short-term shift in institutional focus from Bitcoin to Ethereum. Coinbase stock (COIN) is down more than 30% since its July peak, but 99Bitcoins analysts and others aren’t ready to call it a collapse. Mizuho Financial, once openly skeptical of COIN stock, just bumped its price target from $217 to $267. The catalyst is a pickup in July trading volumes after a flat second quarter. Still, the tone remains cautious. Mizuho kept its neutral rating, citing a 45% drop in consumer spot trading and a 39% dip in transaction revenue last quarter. On-chain data suggests some whales are giving up on PUMP, even at a loss. Wallet BfL4vh recently deposited 1.25 billion PUMP (worth $4.09 million) into Kraken, likely preparing to sell. Blockchain records show this whale spent $5 million USDC to acquire that position across five wallets during the public sale. If sold now, that would mean a loss of nearly $1 million. Despite a slight recovery from its all-time low of $0.002269, PUMP is still 12% below its launch price, now trading at $0.003398. The price is up 53% from its bottom, but early buyers remain underwater. Some whales may now prefer to “take the L” and reallocate funds to stronger opportunities. One rising contender is Snorter Bot (SNORT): a new Telegram-based trading bot built on Solana. Offering 0.85% trading fees, MEV protection, sniping tools, and copy-trading, it’s quickly positioning itself ahead of other bots like BONKBot and Banana Gun. SNORT has already raised nearly $2.8 million in its presale, signalling strong interest in a project that combines utility with meme culture. With multi-chain support on the roadmap and staking rewards of 155% APY, it offers both utility and passive income potential. Maybe whales are unloading PUMP—but they’re still actively searching for new opportunities like SNORT. South Korea has launched its first Korean won-pegged stablecoin, KRWIN, in a pilot program led by fanC and Initech. The stablecoin is backed 1:1 with the won and is currently being tested for technical feasibility and real-world applications across sectors like payments, remittances, and tourism. While no public release date has been announced, fanC has filed trademarks, signaling a future launch. The move positions KRWIN as a potential leader in private digital won assets. Meanwhile, other major players like Upbit, Naver Pay, and Bithumb are also exploring stablecoin initiatives amid growing demand and regulatory scrutiny. The BTC/USD price was heavily rejected, accumulating a couple of significant events over the past 30 days, from whale dumping $9 billion after holding for over 10 years to Coinbase shares sliding over 30%. At first glance, it looked like it got absorbed well, but now btc logoBTC ▼-0.86% failed to hold key support. Analysts now eye the previous all-time high $112k level and are hoping for the best. Volatility is brutal, and anticipation is for a short squeeze, but for now, BTC faces technical resistance.Bitcoin Miners Brace for Trump’s Tariff Impact as U.S. Growth Slows
Institutions Shift Gears: Ethereum ETFs See Inflows as Bitcoin Outflows Continue
September Could Witness The Coinbase Stock Come Back of the Decade – Here’s Why
Are Whales Selling PUMP for a Loss? This Presale Could Be Better
South Korea Tests First Korean Won-Backed Stablecoin KRWIN
Did BTC USD Just Reject? Why Crypto is Down Today Explained
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