Crypto Bloodbath, Aug 20: Bitcoin Crashes Below $114K, ETH, XRP, DOGE Bleed as Cryptocurrency Prices Tank

The crypto market on August 20 is still under heavy pressure after two consecutive days of sharp sell-offs in all cryptocurrency prices. Major cryptos like Bitcoin, Ethereum, Ripple (XRP), Solana, Dogecoin, Cardano, and Binance Coin (BNB) extended losses, while stablecoins Tether (USDT) and USD Coin (USDC) held steady.

The Bitcoin price today slipped further below $114,000, dragging down the global crypto market cap, as investors are waiting for the release of the US Federal Reserve FOMC minutes. Weakness was seen in the US stock markets as well, with the Dow Jones, S&P 500, and Nasdaq closing lower ahead of Jerome Powell's Jackson Hole speech on Friday. Traders are particularly cautious because of the volatile session ongoing across both equity and digital asset markets.

Bitcoin (BTC) price today

Bitcoin price today, August 20, stands at $113,598.10, just a week after it touched the record high level. The world's largest cryptocurrency dropped 1.13% in the last 24 hours and has declined 7.88% over the past week. With a market cap of $2.26 trillion, Bitcoin's trading volume reached $25.42 billion due to continued selling pressure. Crypto market analysts suggest that the Bitcoin price crash is weighing heavily on overall sentiment.

Ethereum (ETH) price today

The Ethereum price today is $4,153.77, with a total market capitalisation of $501.05 billion. ETH fell 1.63% in the past 24 hours and is down 12.52% over the week. However, on a monthly basis, Ethereum is still up 10.39%, despite the latest correction. Investors are closely tracking Ethereum's performance amid high trading volumes of $26.59 billion.

XRP price today

XRP price today is $2.90, with a market capitalisation of $171.91 billion. XRP fell sharply by 3.22% in the last 24 hours and 11.42% in the past week. On a monthly basis, XRP has slipped 18.27%, making it one of the worst-performing altcoins in August so far. XRP investors are particularly concerned about persistent selling pressure.

Solana (SOL) price today

The Solana price today is $181.25, with a market cap of $97.91 billion. Interestingly, Solana gained 1.44% in the last 24 hours, even though it has dropped 10% over the week and 7.35% over the month. Solana's strong daily recovery provides some hope to traders betting on altcoins.

Dogecoin (DOGE) price today

Dogecoin price today is $0.2128, with a total market cap of $31.97 billion. The meme cryptocurrency slipped 1.74% in the past 24 hours and 12.98% over the week. On a monthly basis, Dogecoin has crashed 21.46% because of heavy retail selling pressure.

Other major cryptocurrencies

BNB (Binance Coin) price is $835.84, down 0.79% daily but up 9.05% monthly.

Tether (USDT) price remains stable at $1.00, with a $167.06B market cap.

USD Coin (USDC) price is $1.00, showing no major movement.

Tron (TRX) trades at $0.3492, up 0.41% daily and 11.10% monthly.

Cardano (ADA) price is $0.8539, down 5.47% in 24 hours and 3.92% monthly.

Cryptocurrency Market Outlook: Expert Analysis

"Bitcoin is trading near $113,550, down roughly 1.6%, while Ethereum hovers around $4,144, retreating nearly 2.8% amid risk-off sentiment and over $400 M in market-wide liquidations in the past 24 hours. ETF flows reinforced the cooling optimism. Bitcoin spot ETFs saw approximately $523 M in outflows, and Ethereum ETFs experienced outflows of ~$415.9 M, led by Fidelity.", according to CoinSwitch Markets Desk.

"On the regulatory front, Fed Vice Chair Michelle Bowman stirred attention by suggesting that central bank staff should be permitted to hold "de minimis" amounts of crypto, arguing that hands-on exposure enhances understanding and oversight, marking a notably more constructive posture toward integration of digital assets in regulation."

Overall, the crypto markets appear to be recalibrating after recent highs; with macro uncertainty looming (including Jackson Hole policy clarity ahead), we are seeing short-term retracement, albeit against a backdrop of gradually improving institutional legitimacy and regulatory accommodation," they added further.

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