The cryptocurrency market is facing a steep correction today, Aug. 1, 2025. Bitcoin (BTC) has fallen below the $115,000 level. Dogecoin (DOGE) and Cardano (ADA) are also following the dip, falling 8% in the last 24 hours. According to CoinGecko’s Dogecoin data, DOGE’s price has fallen 8.3% in the daily charts and 9.4% in the weekly charts. ADA, on the other hand, is down 8% in the daily charts and 8.6% over the previous week.

Are We In A Bear Market As Dogecoin And Cardano Dip?

According to CoinGlass liquidation data, the cryptocurrency market has faced $756.86 million worth of liquidations in the last 24 hours. The market saw an upswing after the SEC announced its “Project Crypto” initiative to make the US a global crypto superpower. However, the rally was short-lived. The bullish news was followed by market-wide sell-offs. DOGE, ADA, and the larger crypto market faced massive pullbacks over the last 24 hours.

The dip could be due to the Federal Reserve’s decision to keep interest rates unchanged. The Federal Reserve also warned about slow economic growth in the US. Market participants may have read the developments as a possibility that the Federal Reserve may not cut interest rates for a good few months. On the contrary, there is also a possibility that the Federal Reserve will increase rates to combat slow economic growth. DOGE, ADA, and other cryptocurrencies are among the riskiest assets in the financial sector. Retail investors may take a step back from risky investments when borrowing is difficult.

Also Read: August Price Forecast: Are Dogecoin & PEPE Worth Investing Next Month?

Dogecoin (DOGE), being a memecoin, carries even more risk than other crypto assets. DOGE’s price may take a beating over the coming days. The market could see a reversal if ETF inflows surge. ETF inflows have been key in the market rally over the last month. A similar pattern could emerge once again in August.