The cryptocurrency market registered a sharp drop late on Sunday/early Monday, as Bitcoin (BTC) and other altcoins experienced a significant decline following Friday’s 0 held above $115,000 over the weekend despite losing momentum after Friday’s climb to $117,416. The flagship cryptocurrency fell to an intraday low of 110,635 on Sunday and remains in the red during the ongoing 1 is down nearly 3% over the past 24 hours, trading around $111,699. Meanwhile, Ethereum (ETH) climbed to a new all-time high of $4,953 late Sunday/early Monday as bullish sentiment around the altcoin peaked. However, it lost momentum after reaching this level and fell to a low of $4,689 before recovering and moving to its current level of $4,608.
The world’s second-largest cryptocurrency fell over 3% in the past 24 2 (XRP) is also trading in the red, down 2.98% at $2.94, while Solana (SOL) is almost 5%, trading around $198, having slipped below the $200 3 (DOGE) is down 4.80%, while Cardano (ADA) is down over 3%, trading around $0.868. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) also registered substantial 4 Founder Pavel Durov Slams French Government Pavel Durov, the founder of popular messaging app Telegram, has provided an update about the ongoing case against him in 5 criticized the authorities, stating that the investigation against him is struggling to find anything 6 called his arrest by the French authorities “unprecedented,” and added that holding a tech executive accountable for the actions of independent users was 7 stated in a post on Telegram, “A year later, the ‘criminal investigation’ against me is still struggling to find anything that I or Telegram did 8 moderation practices align with industry standards, and Telegram has always responded to every legally binding request from France.” He further criticized France, adding that the government’s actions had done irreparable damage to its reputation as a free country.
“One year after this strange arrest, I still have to return to France every 14 days, with no appeal date in sight.” Durov’s arrest sparked widespread condemnation from the crypto community, free speech activists, and human rights groups. SBI, Chainlink Announce Partnership To Create Crypto Tools For Asia’s Legacy Financial Institutions Japanese finance conglomerate SBI Group has partnered with Chainlink to create crypto tools for Asia’s financial 9 to the SBI Group, the partnership will focus on several key use cases for financial institutions in Japan and the Asia Pacific region. However, the partnership’s initial focus will be on the Japanese 10 partnership will explore tools that enable cross-blockchain tokenized real-world assets (RWAs), including on-chain bonds, and utilize Chainlink’s technology to provide on-chain verification for stablecoin 11 partnership with Chainlink is SBI Group’s fourth partnership with companies in the crypto 12 group had recently announced tie-ups with stablecoin issuer Circle, Ripple Labs, and Web3 infrastructure firm 13 co-founder Sergey Nazarov stated in a post on X, “I am excited to see our great work move towards a state of production usage at a large scale.” Chainlink released a separate statement on X, stating, “We’re excited to announce a strategic partnership between Chainlink and SBI Group, one of Japan’s largest financial conglomerates, with the USD equivalent of over $200 billion in total 14 Group and Chainlink will focus on powering several innovative use cases centered around tokenized funds, tokenized real-world assets such as real estate and bonds, regulated stablecoins, and more.” Ethereum Gaming Network Xai sues Musk’s xAI Ethereum-based gaming network Xai has taken Elon Musk’s artificial company xAI to court, accusing it of unfair competition and trademark 15 suit was filed in the Northern District of California on Thursday and claims Musk’s company has caused market confusion and damaged Xai’s 16 Populus, the entity behind Xai, claimed it has used the XAI trademark in US commerce since 2023 through its blockchain gaming ecosystem and the $XAI 17 filing stated, “This is a classic case of trademark infringement that requires the Court’s intervention to remedy.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has started the week in the red, extending its losses for the third straight 18 flagship cryptocurrency is down over 2% during the ongoing session, struggling to stay above $111,000.
BTC rallied on Friday following Fed Chair Jerome Powell’s Jackson Hole speech. However, it was back in the red on Saturday, dropping over 1% to $115,383. Selling pressure intensified on Sunday as BTC plunged to an intraday low of $110.635 before rebounding and settling at $113,478, ultimately dropping almost 2%. According to analysts, the weekend crash was likely triggered by a large sell order by a Bitcoin whale.
On-chain data revealed a sell order of 24,000 BTC worth over $2.7 19 order resulted in a 3.74% price correction in under ten minutes and led to $623 million in liquidations, according to data from 20 selling pressure has persisted into the new week as well, with BTC struggling to stay above $111,000. Crypto trader Alex Kruger explained the weekend’s price action in a post on X, stating that investors were rotating out of BTC into altcoins like ETH and SOL. “Thanks for playing. Here's the liquidation on BTC that the market had been trying to get last 21 by people rotating out of BTC into ETH and 22 should be much easier to go up once short-term momentum clears and price moves above 23 the starting point of Jackson Hole, the chart is cooked, but think going higher.” Despite the substantial weekend decline, some analysts don’t believe bearish sentiment has returned, instead arguing the decline was indicative of a healthy, functional market.
“No paper BTC conspiracies are 24 price has stalled because several whales have hit their magic number and are 25 is healthy - their supply is finite and their selling is required for the full monetization of Bitcoin.” BTC started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856.
Despite the overwhelming selling pressure, the price was back in positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276.) Price Analysis Ethereum (ETH) rallied to a new all-time high on Sunday as it reached $4,957. However, it faced rejection at this level and is down nearly 4% during the ongoing session, trading around $4,603. ETH has led market recovery for several weeks thanks to regulatory tailwinds, surging interest in stablecoins, and the emergence of Ethereum treasury companies, which have accumulated a substantial amount of ETH from the 26 recently as Saturday, Bitmine Immersion Technologies purchased $45 million in ETH.
ETH’s recent elevation as the leading light in the crypto ecosystem has helped the altcoin maintain its position above the crucial $4,000 27 Kurland, CEO at crypto research platform KYOR, stated, “The buyers are finally bigger than the 28 ETFs are drawing steady inflows, and public companies are beginning to treat ETH as a treasury asset they can stake for yield — a stickier form of demand than retail speculation. Additionally, nearly a third of supply is locked in staking, scaling solutions are mature, and, with rate cuts back on the table, the cost of capital is 29 forces turned $4,000 from a resistance level into a foundation for re-pricing ETH’s next chapter.” ETH is up over 250% since April and jumped over 14% on Friday following Federal Reserve Chair Jerome Powell’s speech at Jackson 30 stated during his speech, “The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.
Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” Ethereum ETFs continued registering inflows, with ETH ETFs managing over $12 billion in 31 started the previous weekend in the red, dropping over 2% to $4,444. Sellers retained control on Saturday, registering a marginal decline before rising over 1% to end the weekend at $4,476. Selling pressure returned on Monday as ETH fell 3.58% and settled at $4,316. Bearish sentiment intensified on Tuesday as the price fell 5.54% to $4,076.
Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising over 6% to reclaim $4,300 and settle at $4,338.) Price Analysis Solana (SOL) has experienced considerable volatility over the past few days, struggling to stay above the $200 32 altcoin registered a sharp increase on Friday and continued pushing higher over the weekend, reaching an intraday high of $212 before settling at $206 on Sunday. However, it is back in the red during the ongoing session, down nearly 4%, trading around $197. SOL’s rejection around $210 has seen sellers retake control, and a drop to $190 cannot be ruled 33 registered a sharp drop on Friday (August 15), falling 3.48% and settling at $185.
However, it rebounded over the weekend, rising 2% on Saturday and 0.73% on Sunday to settle at $191. Despite the positive weekend, SOL was back in the red on Monday, dropping over 4% to $183. Sellers retained control on Tuesday as the price fell 3.69%, slipping below $180 and settling at $176. Bullish sentiment returned on Wednesday as SOL rallied, rising nearly 7% to reclaim $180 and settle at $188.) Price Analysis Ripple (XRP) is struggling to regain momentum as it struggles to reclaim $3 and push above the 20-day 34 altcoin faced volatility on Friday (August 15) before registering a marginal decline to $3.08.
It registered a marginal increase on Saturday, rising 0.89% before dropping back in the red on Sunday to end the weekend at $3.09. Sellers retained control on Monday as XRP dipped to a low of $2.94. However, it rebounded to reclaim $3 and settle at $3.06, ultimately dropping 0.86%. Selling pressure intensified on Tuesday as the price fell 6.58%, slipping from $3 to $2.86.
Despite the overwhelming selling pressure, XRP recovered on Wednesday, rising over 3% to $2.95.) Price Analysis Dogecoin (DOGE) traded in positive territory over the previous weekend, starting with a 2.37% increase on Friday, which saw it move to $0.229. Buyers retained control over the next two days as the price rose 0.61% on Saturday and 2% on Sunday to settle at $0.235. DOGE was back in the red on Monday, dropping 4.98% to $0.223. Bearish sentiment intensified on Tuesday as the price fell almost 6% to $0.210.
Despite overwhelming selling pressure, DOGE recovered on Wednesday, rising nearly 6% to $0.221. However, it was back in the red on Thursday, dropping 3.11% to $0.214.
Story Tags
Latest news and analysis from Crypto Daily
