BEARISH 📉 : CMC20 Index falls 4% as crypto market cap drops $500B

Leading cryptocurrencies, Bitcoin and Ethereum, faced increased selling pressure, while tokens like Stable (STABLE), MYX Finance (MYX), and MemeCore (M) saw gains.

The CMC20 Index fell by 4% to $156, indicating strong selling pressure as Bitcoin dropped below $75,000 on Feb. 2.
STABLE gained 17% in 24 hours, trading at $0.026, due to its upcoming mainnet upgrade to version 1.2.0 on Feb. 4.
MYX rose by 10.5% to $5.6, and MemeCore increased by 6.5% to $1.31, driven by trader interest.

US Economic Reports Impacting Crypto Markets

January ISM Manufacturing PMI data will assess US factory health and inflation implications.
Feb. 3: December JOLTS Job Openings will indicate job market strength and potential wage inflation.
Feb. 5: Initial Jobless Claims will show weekly job losses, signaling economic conditions.
January Jobs Report will provide a comprehensive view of the US economy's strength.

These reports may influence crypto markets as they inform US Fed interest rate decisions.

Currently, the crypto market cap fell by $500 billion to $3.55 trillion, reflecting extreme fear conditions. A CryptoQuant analyst noted that rebounds might be fragile with high volatility expected.