Crypto Market Recap: Memefi Rises as Trump Tariff Impacts Industry
On August 7, the global cryptocurrency market saw significant movements, with Memefi experiencing a surge and news of a Trump tariff impacting the industry. Here’s a comprehensive overview of the key events and trends shaping the crypto landscape.
Market Overview
The global crypto market cap currently sits at $3.83 trillion, reflecting a 1.5% daily increase. The total trading volume in the last 24 hours reached $128 billion. Bitcoin maintains dominance at 59.7%, with Ethereum following at 11.6%. The market tracks 17,947 cryptocurrencies.
Major Cryptocurrency Events
Leading gainers in the market include the Polkadot Community and XRP Journal Ecosystem cryptocurrencies, showcasing strong performance.
Market Performance
Stablecoins hold a market cap of $275 billion with minimal 0.1% fluctuations in the last 24 hours. The DeFi market cap witnessed a 1.8% rise to $143 billion, with Lido dominating with a 22.8% share in Total Value Locked (TVL). Bitcoin is trading at $114,963, marking a 0.9% increase. Top gainers include Pump.fun, Ethereum, Succinct, MYX Finance, and TROLL.
Top Gainers and Losers
Leading gainers such as GXChain, Memefi (MEMEFI), and MYX Finance (MYX) stood out, while Imagen Network, Twister Cash, and PePeonTron were among the top losers.
Fear and Greed Index
The Crypto Fear and Greed Index currently stands at 62, indicating ‘Greed’ among investors.
Key Market Developments
On August 6, 2025, Donald Trump imposed a 50% tariff on Indian imports, impacting the global trade landscape. SBI Holdings filed the first XRP ETF in Japan, influencing XRP’s price. In addition, a trader fell victim to a $3.05 million phishing scam in the crypto space. Smarter Web Business issued a Bitcoin-denominated bond in the UK worth $21 million, bridging traditional finance and crypto. The Pi Network extended its .pi domain auction, hinting at future listings and partnerships. These developments underscore the evolving dynamics of the crypto market and the impact of significant global events on digital assets.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Readers are advised to conduct their own research and consult financial professionals before making any investment decisions.
