Cryptocurrency Crash Update: Bitcoin Dips Below $113K, ETH & Other Altcoins Extend Losses on August 22

The cryptocurrency prices today are still under pressure as of August 22, with leading digital assets like Bitcoin (BTC) prices now hovering near $112K after slipping below the $113,000 mark, while Ethereum (ETH) managed to stay flat. Other major tokens like XRP and Dogecoin (DOGE) extended their losing streak due to cautious sentiment among traders.

Bitcoin and Ethereum Price Today

Bitcoin (BTC) is trading at around $112,346, down 0.73% in the last 24 hours and over 4% lower for the week. Bitcoin has seen its market cap fall to $2.24 trillion in just a few days.

Ethereum (ETH) is holding steady at $4,282, up 0.06% in the past 24 hours. However, ETH remains 3.62% lower over the past week, with its market cap standing at $517 billion.

Altcoins Struggle Amid Weak Market Sentiment

XRP, or Ripple coin, price today has dropped to $2.82, down 2.7% today and over 8% this week, extending its broader downtrend.

Dogecoin (DOGE) price fell to $0.2128, slipping 2.18% in the past 24 hours and over 7% weekly, reflecting fading meme-coin enthusiasm.

Solana (SOL) is trading at $180.45, down 1.95% today and almost 5% lower in the past seven days.

Not all altcoins are struggling, though. Binance Coin (BNB) rose over 2% weekly, while TRON (TRX) has been a surprising gainer, up 15% over the past month.

Stablecoins Remain Flat

Stablecoins like Tether (USDT) and USD Coin (USDC) continue to maintain their peg at $1, reflecting minimal volatility. Tether's market cap stands at $167 billion, while USDC has a market capitalisation of $67 billion.

Market Analysis

The broader crypto market remains cautious as investors weigh global macroeconomic factors and regulatory uncertainties.

"Bitcoin is currently trading just under $113,000, reflecting a modest pullback from its recent peak around $124K, marking a nearly 8% drop in August, while Ethereum trades near $4,280, down slightly intraday but outperforming BTC with a 2-3% gain over the last 24 hours. ETF flows suggest a cautious rotation: Fidelity's Ethereum fund saw an $8.6M inflow, while the Bitcoin fund faced a $7.5M outflow, signalling a subtle shift toward ETH amid mixed sentiment."

"On the macro front, Cleveland Fed President Beth Hammack reinforced a hawkish stance, stating inflation is still too high and opposing a rate cut, causing crypto prices to slide ahead of anticipated remarks from Fed Chair Powell at Jackson Hole. Yet, amid macro cautiousness, institutional interest remains evident: family offices in Hong Kong and Singapore are increasingly adopting Bitcoin as a portfolio diversifier, with trading volumes on HashKey up 85% YoY and South Korean exchange volumes rising over 20%. as per CoinSwitch Markets Desk

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