Bitcoin price drop and crypto layoffs

In late July 2026 Bitcoin slipped to around $63,000, prompting a 2.5% decline in the cryptocurrency market and a sell‑off in crypto‑related equities. The pullback erased over $530 million in long positions and triggered more than $630 million in leveraged liquidations, while broader equity weakness and concerns about China’s semiconductor sector and South Korea’s tech market added to the pressure.

By early August the price hovered near $62,950, with on‑chain data showing only modest losses—realized losses far below those seen in previous capitulation cycles—suggesting a mild correction rather than a full market capitulation. At the same time, the sector faced a wave of layoffs and closures: exchange Luno cut 20% of its global staff, BitMart announced its shutdown after nine years, BitMEX halted operations, and more than 7,200 crypto jobs had been eliminated since the start of 2026. Market sentiment was further weighed down by U.S. Federal Reserve rate news and political statements from President Donald Trump regarding potential actions against Iran.