Price analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT By Cointelegraph

Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1, and this move dented the risk-on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2, and the cryptocurrency market’s recovery stalled in its tracks.

However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the (BTC) spot exchange-traded fund (ETF) applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart said in a statement that the possibility of an ETF application getting greenlighted has surged from 1% a couple of months ago to 65%.