Bitcoin, Ethereum, and Solana Experience Over 20% Price Drop in August
Bitcoin’s price has taken a hit, dropping below $58,000, continuing its downward trend this week. While Bitcoin is down by over 4% in the past day, currently sitting at $57,932, it has seen a nearly 6% decline this week and about 9% since the beginning of August. However, Ethereum and Solana have experienced more significant percentage drops throughout August.
Ethereum, currently priced at $2,440, has decreased by 5% in the day and nearly 9% this week, with a substantial 22% drop since the start of August from around $3,146. Meanwhile, Solana has plummeted by almost 9% to about $133, with a similar weekly dip and a significant 21% decrease since the beginning of August when it was close to $169.
Other cryptocurrencies have also faced losses this month, with Dogecoin down approximately 18% and The Open Network’s Toncoin falling by 21%. TON had remained relatively stable in August until the arrest of Telegram co-founder and CEO Pavel Durov last Saturday, leading to a sharp decline in TON’s value due to its association with the messaging app.
The market downturn has resulted in increased liquidations, with $186 million worth of long and short positions being purged in the past 24 hours, with Bitcoin accounting for nearly $58 million of those liquidations.
The cause of Friday’s market decline is not immediately clear. The stock market has only slightly decreased following a Fed inflation report that met expectations, fueling expectations of imminent rate cuts after Fed Chair Jerome Powell indicated a need for policy adjustments.
Overall, the cryptocurrency market continues to experience fluctuations, with various digital assets facing challenges and investors closely monitoring the evolving market conditions.
