Bitcoin and Ethereum Decline as Crypto Market Faces Pressure Amid DeFi Selloff

The cryptocurrency market faced downward pressure on August 7, 2026, as Bitcoin fell to $64,298 and Ethereum dropped to $1,903.76. The decline was compounded by a severe 39% crash in the DeFi market. Despite the selloff, institutional demand remained strong with $137.6 million in Bitcoin ETF inflows, and both major tokens rebounded later in the morning following a weaker-than-expected U.S. July jobs report. Cardano bucked the trend, surging over 5% on a new interoperability testnet launch with Injective.

Bitcoin price decline

• ▪Bitcoin opened at $64,259.68 on Friday, August 7, 2026, which was 0.5% lower than its opening price on Thursday, August 6, 2026.
• ▪Bitcoin's price moved higher to $65,143.87 as of 9:02 a.m. ET on August 7, 2026, responding positively to a July jobs report that missed expectations.
• ▪Bitcoin fell 0.8% to $64,298 on August 7, 2026, with trading volume reaching $16.87 billion.

Ethereum price decline

• ▪Ethereum dropped 0.48% to $1,903.76 on August 7, 2026, with trading volume reaching $9.38 billion.
• ▪Ethereum's price moved higher to $1,929.36 as of 9:02 a.m. ET on August 7, 2026, following the release of the July jobs report.
• ▪Ethereum opened at $1,902.20 on Friday, August 7, 2026, down 0.2% from its opening price on Thursday, August 6, 2026.

DeFi market selloff

• ▪The global DeFi market capitalization dropped to between $57.3 billion and $62.1 billion during the selloff on August 7, 2026.
• ▪The overall decentralized finance (DeFi) market severely declined between 38.7% and 39.6% over a 24-hour period ending August 7, 2026.

Altcoin risk-off rotation

• ▪The broader cryptocurrency market showed a rotation out of higher-beta altcoin exposure into cash or stablecoins on August 7, 2026.
• ▪Canton fell 13.4% to trade in the mid-$0.09 range on August 7, 2026, after losing technical support near $0.101.
• ▪Ondo fell 7.2% on August 7, 2026, amid a corporate-control dispute filed in Delaware court by the estate of late founder Nathan Allman.

Bitcoin ETF institutional inflows

• ▪Bitcoin spot ETFs recorded $137.6 million in net inflows on August 6, 2026, extending a four-day positive streak.
• ▪BlackRock's IBIT led Bitcoin ETF inflows on August 6, 2026, pulling in between $128.3 million and $170 million in a single session.

Cardano interoperability development

• ▪Cardano's ADA surged over 5% to $0.2015 on August 7, 2026, outperforming the broader declining cryptocurrency market.
• ▪Cardano's price rally was driven by the August 6, 2026 launch of an IBC testnet connection enabling non-custodial transfers with Injective.