Bitcoin, Ethereum, and Solana Experience Over 20% Decline in Prices in August
Bitcoin’s price took a hit, dropping below $58,000, continuing a tough week for the cryptocurrency. Ethereum and Solana saw even greater declines in August. Bitcoin is now down over 4% in the past day, currently sitting at $57,932. This marks a decrease from the $58,060 level earlier in the week.
In comparison, Ethereum is priced at $2,440, down 5% in a day and nearly 9% for the week. August has been particularly harsh for Ethereum, with a drop of over 22% from its starting point of $3,146.
Solana has experienced a sharper decline, down almost 9% to about $133 currently. It has also seen a significant decrease of more than 21% since the beginning of August.
Other cryptocurrencies have faced similar challenges this month. Dogecoin is down approximately 18%, while The Open Network’s Toncoin has fallen by 21%. TON’s decline followed the arrest of Telegram’s CEO, Pavel Durov, impacting the coin due to its association with the messaging app.
The market downturn has led to increased liquidations, with $186 million worth of long and short positions wiped out in the past 24 hours, as reported by CoinGlass. Of these liquidations, $162 million were long positions, with Bitcoin accounting for nearly $58 million.
The cause of the recent market dip is not immediately clear. While the stock market saw minor declines following a Fed inflation report that met expectations, indicating possible imminent rate cuts, the crypto market has experienced notable fluctuations.
Overall, the crypto market has faced significant volatility in August, with various leading cryptocurrencies witnessing substantial price drops, prompting investors to closely monitor the evolving landscape.
