Crypto wrap: Bitcoin drops below $109k as ETH, XRP and SOL dip
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The cryptocurrency market experienced a sharp downturn on August 29, 2025, with Bitcoin price slipping to under $109,000 as selling pressure mounted.
As top altcoins like Ethereum, BNB, Solana and XRP gave up gains, the total market capitalization dropped to $3.76 trillion, down 3.4% in the past 24 hours.
Meanwhile, daily trading volume rose 9% to over $193 billion amid the sell-off, and crypto liquidations shot up 80% to over $531 million.
Crypto market volatility comes as risk assets, including stocks, react to macroeconomic uncertainty.
After the latest inflation data, stocks fell as investors were rattled that the Federal Reserve could continue its cautious stance on rate cuts.
Bitcoin drops 3% to below $109k
It’s been a week of seesaw performance for Bitcoin (BTC), with the benchmark digital asset finding it hard to break above $114k.
On Friday, BTC fell below the critical $110k threshold and extended the dip to lows of $108,395. Losses over the week have risen to nearly 8%.
The downturn marks a significant retreat for Bitcoin, which peaked at highs above $124k in August.
Sell-off pressure has pushed the Bitcoin Fear & Greed index down to 46, indicating neutral sentiment. But could Bitcoin dump to $100k next?
Ethereum, XRP, and Solana pare gains
As Bitcoin dropped to near $108k, Ethereum (ETH) slipped 3.3% to under $4,350.
The top altcoin, which has attracted massive buying in recent weeks from public companies adopting Ether treasury strategies, has seen its price decline by about 9% in the past week.
The altcoin’s decline follows a trend of profit-taking that has also impacted XRP (XRP), Solana (SOL) and BNB (BNB).
XRP price hovered around $2.81, down more than 5% in the last 24 hours. Meanwhile, Solana’s strong bounce above $200 is at risk of dissipating as a 3% dip in the past 24 hours has bears poised near $202.
BNB, which outpaced all top 10 cryptocurrencies with its march to a new all-time high recently, is also witnessing profit-taking as price hovers around $850.
All these altcoins have experienced a notable spike in daily volume and liquidations.
But crypto analysts and industry bigwigs say this is the time to buy, not sell. Such sentiments have come from Changpeng Zhao, the founder and former CEO of Binance. Zhao, popularly known as CZ, posted on X:
PYTH surges and Cronos, Numeraire see profit-taking
While top altcoins mirrored Bitcoin’s slump, Pyth Network (PYTH) bucked the trend with a significant spike to highs of $0.25.
PYTH price skyrocketed after the US Department of Commerce picked Pyth Network and Chainlink to distribute economic data on-chain.
However, as PYTH rose, most small cap tokens shed gains. Cronos (CRO) had gained more than 100% after a major partnership with Trump Media, but saw intraday profit-taking as it dropped more than 16% in 24 hours.
Other notable losers on the day are Numeraire (NMR), Bio Protocol (BIO) and Mantle (MNT). NMR, BIO and MNT have all declined double-digits in the past 24 hours amid broader market selling pressure.
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