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.
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