The cryptocurrency market experienced a significant downturn after starting the week positively, with many top digital assets declining by double digits. TRX was the only top 20 digital asset to gain, rising by 2.7%, while toncoin increased by 8.9%. Tariffs and Jobs Data Spark Market Rout After starting the week brightly, the cryptocurrency market closed it in the red, with several top digital assets by market capitalization declining by double digits. The reversal began after the Federal Open Market Committee (FOMC) voted to keep interest rates unchanged, defying U.S. President Donald Trump, who has been calling for a 300 basis point cut. Subsequent reports noted that the Trump administration had slapped new tariffs on dozens of countries, sparking a rout that saw several digital assets record steep losses in a matter of hours. Although most digital assets would later recover, the release of disappointing jobs data by the Bureau of Labor Statistics (BLS) again spooked markets on Aug. 1. However, Trump’s move to fire the BLS commissioner Erika McEntarfer shortly after the agency unveiled the jobs data ultimately contributed to U.S. stock markets’ overall losses for the day, reaching $1.1 trillion. Data shows the crypto market was also impacted by these economic events, with its market capitalization dropping from a week’s high of $4.024 trillion to $3.753 trillion, a decline of approximately $270 billion. Bitcoin (BTC), which at one point dropped to $112,680, closed the week nearly 4% lower, trading just above $113,300. Even ethereum ( ETH), which appeared to defy the rest of the market in recent weeks, tumbled with seven-day losses of 6.3%. XRP continued its struggles, dropping 8.2% after a near double-digit decline in the previous week. Other notable double-digit losses were recorded for solana ( SOL) at 12.6%, dogecoin (DOGE) at 16.1%, and cardano ( ADA) at 13.7%. FARTCOIN and BONK were among prominent coins with significant losses, having dropped 32.9% and 28%, respectively. Meanwhile, tron ( TRX) was the only top 20 digital asset by market capitalization to record gains over the period, after it rose by 2.7%. Toncoin was the next most notable digital asset to register gains, rising by 8.9%, while TROLL was the biggest gainer with 267%, followed by URANUS and LOKA, which rose by 165% and 153%, respectively.