Crypto Slips in August, Wiping Out July's Gains

Cryptocurrencies slid on the first day of August due to economic concerns

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Bitcoin dropped 3.7% to $63,144, and Ether fell 5% to $3,099

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Crypto stocks like Coinbase and MicroStrategy lost 5% and 6%, respectively

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Marathon Digital tumbled 7%, and Riot Platforms fell 5.5%

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Recent data increased concerns about a recession, impacting crypto prices

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