![[LIVE] Current Crypto Update, August 6 – BTC Price Dips Once More To $113K And XRP Drops Under $3: Top Altcoins To Consider?](https://i3.wp.com/99bitcoins.com/wp-content/uploads/2025/08/IMG_0825-300x208.png?w=770&resize=770,470&ssl=1 "[LIVE] Current Crypto Update, August 6 – BTC Price Dips Once More To $113K And XRP Drops Under $3: Top Altcoins To Consider?")
[LIVE] Current Crypto Update, August 6 – BTC Price Dips Once More To $113K And XRP Drops Under $3: Top Altcoins To Consider?
The market is suffering another downturn. BTC took a dive to $112,750 during Trump’s recent address. Although it quickly recovered to $113,000, altcoins continued their decline: Ethereum fell to $3,700, and XRP is back under $3. Amidst this turmoil, these moments may provide an excellent chance to acquire top altcoins at reduced prices. But what’s causing the crypto market drop? Here’s what we know.
U.S. stocks experienced a decline on Tuesday, spurred by weak services data and new comments on tariffs from Donald Trump, igniting concerns over stagflation. The S&P 500 dipped 0.49%, the Nasdaq decreased by 0.65%, and the Dow saw a slight reduction of 0.14%. The ISM Services Index stagnated in July, indicating possible issues for the economy’s largest sector. Trump also announced new tariffs on chips and pharmaceuticals are on the way. It’s not as if Americans needed costlier pharmaceutical products.
Trump: “We’ll be implementing initially small tariffs on pharmaceuticals. However, in a year, or a year and a half at the latest, it’s gonna jump to 150%, then to 250%, because we want pharmaceuticals manufactured in our country.” pic.twitter.com/YhkogWQXy4
— Aaron Rupar (@atrupar) August 5, 2025
Palantir surged by 7.9% on record revenue, while Eaton dropped 7% due to disappointing guidance. Analysts noted that although markets are overvalued, decreasing rates and strong earnings continue to foster a “risk-on” atmosphere.
In the middle of this, the crypto market also faced a setback, contracting to a $3.7 trillion market cap, with net ETF inflows reporting a negative $122 million on August 5.
Nevertheless, Bitcoin is trading only 7% below its all-time peak, ETH is gradually recovering, and new listings are driving various altcoins upward.
EXPLORE: 20+ Next Crypto to Explode in 2025
Best Altcoins To Invest In? PROVE Jumps +300% After Upbit Listing As Robinhood Adds ONDO and FLOKI
On August 6, Robinhood Crypto officially included ONDO and FLOKI for U.S. users, igniting renewed excitement for both tokens as traders seek the next upward movement.
ONDO is trading at a market cap of $4.49 billion, with a trading volume of $170 million, experiencing a 23% increase in the last 24 hours. FLOKI, one of the original meme coins from the last cycle, has a market cap of $1 billion and is slightly up today, rising by +5%. Could this original meme crypto token stage a spectacular return?
[ ZOOMER ]
ROBINHOOD US LISTS ONDO AND FLOKI: SYNOPTIC
— zoomer (@zoomerfied) August 5, 2025
Meanwhile, PROVE, the token for the Succinct network, soared over +300% following its listing on Upbit. The price escalated from $0.30 to a peak of $1.95, now stabilizing around $1.24 at the time of writing.
Succinct is developing a protocol on ETH to coordinate a distributed protocol of provers that create zero-knowledge proofs (ZKPs) for any software. It serves as a two-sided marketplace, connecting requesters with provers for applications such as AI agents, oracles, and cross-chain bridges. The matching occurs via an off-chain auction system, with settlements handled on-chain.
South Korea Tests First Korean Won-Backed Stablecoin KRWIN
South Korea has introduced its first Korean won-pegged stablecoin, KRWIN, in a pilot scheme led by fanC and Initech. The stablecoin is backed 1:1 by the won and is currently undergoing tests for technical feasibility and practical applications across various fields such as payments, remittances, and tourism.
No public launch date has been disclosed, but fanC has sought trademarks, hinting at a forthcoming launch. This initiative places KRWIN in a favorable position among private digital won assets.
Additionally, other significant players like Upbit, Naver Pay, and Bithumb are considering stablecoin projects amid rising market demand and scrutiny from regulators.
Did BTC USD Just Reject? Why Crypto is Down Today Explained
The BTC/USD price faced a sharp rejection, reflecting several significant events over the past 30 days, from a big investor unloading $9 billion after holding for more than a decade to Coinbase shares plummeting over 30%. Initially, it seemed to absorb the shock well, but now BTC logoBTC ▼-0.86% has struggled to maintain key base level.
Analysts are now watching the previous all-time high $112k level and are remaining hopeful. Market fluctuation is fierce, and expectations are for a short squeeze, but for the time being, Bitcoin is facing technical hurdles.
The post [LIVE] Latest Crypto Update, August 6 – BTC Price Tanks Again To $113K And XRP Falls Below $3: Best Altcoins To Buy? appeared first on 99Bitcoins.
