[LIVE] Latest Crypto News, August 6 – Bitcoin Price Tanks Again To $113K And XRP Falls Below $3: Best Altcoins To Buy?
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
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.
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?
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.
South Korea Tests First Korean Won-Backed Stablecoin KRWIN
By Fatima
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.
Did BTC USD Just Reject? Why Crypto is Down Today Explained
By Fatima
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.