CoinGecko: The downturn in the crypto market at the beginning of August is not one of the most severe market pullbacks in the past decade

CoinGecko posted on platform X, stating that despite the recent four-day drop causing the total market value of cryptocurrencies to fall from $2.44 trillion on August 2nd to $1.99 trillion on August 6th, this decline is not one of the most severe market pullbacks in the past decade as daily declines are less than 10%. Historical data shows that the worst global cryptocurrency market pullback occurred on March 13, 2020 due to panic over COVID-19, with a drastic plunge of 39.6% in crypto markets at that time. The total market value of cryptocurrencies plummeted from $223.74 billion to $135.14 billion (DoD). In comparison, this year's largest sell-off happened in March with a decrease of 8.4%.