Bitcoin Price Falls Again, With Ethereum and Solana Down Over 20% in August

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.

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.

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.”