Bitcoin's rough week has continued into Friday, with the price of the leading cryptocurrency falling below $58,000. But while it's been a down month for Bitcoin, both Ethereum and Solana have seen far greater percentage dips over the course of August.
Now down more than 4% over the past day, Bitcoin is currently sitting at $57,932, per data from CoinGecko. That's even lower than the $58,060 mark hit on Tuesday this week.
Bitcoin has now plunged by nearly 6% this week, and about 9% since the start of August. But as noted, while BTC is falling, other leading crypto assets haven't fared nearly as well.
At a current price of $2,440, Ethereum (ETH) is down 5% on the day and nearly 9% this week. But it's down over 22% over the course of this month after starting August at about $3,146.
Bitcoin Slips Below $59,000 as Market Sentiment Wavers
Bitcoin (BTC) briefly fell below the $59,000 mark during early European trading hours on Friday. The largest cryptocurrency by market cap touched a low of $58,688, before recovering slightly to $59,450, down 0.7% over the past 24 hours, according to data from CoinGecko. Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, is also experiencing downward pressure, trading at $2,522, down 1.8% from the previous day. According to data from CryptoQuant, Bitcoin’s price...
Solana has fared worse on the day, down almost 9% to a current price of about $133 with a similar weekly dip. But SOL has plunged by more than 21% since starting August just shy of $169.
Other leading coins have marked similar losses across August, with Dogecoin (DOGE) down about 18% and The Open Network's Toncoin (TON) falling 21%. TON had been nearly flat in August as of last weekend, but fell sharply following the arrest of Telegram co-founder and CEO Pavel Durov last Saturday, given TON's close association with the popular messaging app.
Toncoin and Notcoin Plunge Amid Telegram CEO Arrest and The Open Network Issues
Telegram-linked cryptocurrencies Toncoin (TON) and Notcoin (NOT) have plunged more than 23% over the past week. This comes following the Telegram CEO, Pavel Durov, being arrested and charged in France. Days later, the token’s network halted the production of blocks. The Open Network was originally developed by brothers Pavel and Nikolai Durov. But it was abandoned after they received warning from the SEC that they were producing an unregistered security. Quickly, the project was picked up by com...
Declines across the market have boosted liquidations, with $186 million worth of long and short positions purged over the past 24 hours per data from CoinGlass. About $162 million of those were long positions, with Bitcoin leading all liquidations with nearly $58 million worth.
There's no immediately obvious cause for Friday's market dip. The stock market is down only slightly Friday, following a Fed inflation report that met expectations. That's fueled expectations that rate cuts remain imminent after Fed Chair Jerome Powell said last week that the "time has come for policy to adjust."
