Crypto Bloodbath: Bitcoin Tumbles Below $118K as Market Sheds 1.4% (Aug 16 Analysis)
Crypto markets got sucker-punched overnight—BTC couldn't hold the $118K line, dragging the sector down 1.4%. Here's the damage report.
Bitcoin's Bull Run Hits a Wall
The king of crypto got dethroned—at least temporarily—as sellers overwhelmed buyers below the $118K psychological level. No fancy technical analysis needed: when BTC sneezes, the whole market catches a cold.
Altcoins Follow (Because They Always Do)
Ethereum, Solana, and the usual suspects mirrored BTC's drop with depressing predictability. Traders are now watching key support levels like hawks—or more accurately, like over-leveraged degens sweating their collateral.
Silver Lining Playbook
This dip smells like standard profit-taking after last week's rally—not some macro catastrophe. Remember when traditional finance types said crypto was 'decoupling' from stocks? Yeah, neither do we.
Closing Thought: Maybe today's pullback is just what the market needed—a cold shower after that speculative bender. Or it's the start of another 'crypto winter.' Place your bets (responsibly, or not at all).
Bitcoin Drops Below to $117k
Bitcoin, the largest cryptocurrency by market capitalization is down by a modest 1% today as it drops down from $118k, a level which it has held on to throughout the week. This is as a result of the drop in its trading activity which is down 28% from the previous day. Trading volume is currently $75.79 billion with $2.34 trillion in market capitalization.
As of the time of writing this report, the token is trading for $117,871 despite starting the day from an intraday high of $119,300
Altcoin Market Follows In Modest Drops
XRP, the native token of Ripple, is also down today, by 2.03% in the last 24 hours. Currently, the token is trading for $3.06 after dropping from an intraday high of $3.14.
Trading activity is also down by 37.68% as traders and investors retire for the weekend. Thai results to $7.29 billion in trading volume, while its market valuation drops by 1.97% to $181.44 billion.
Monero (XRP) saw the most losses, which is about 7% in the last 24 hours. Currently, XMR is trading for $234,39, down from its daily high of $252 which it was during the asia session trading hour.
Trading volume is currently at $60.37 million, down 13.79% in 24 hours with $4.32 billion in total market cap, according to ConMarketCap
Top Gainers & Losers Today
| Gainers | Losers |
| UNUS SED LEO (LEO): +4.72% | OKB (OKB): -7.47% |
| Mantle (MNT): +3.86% | Raydium (RAY): -7.46% |
| Aerodrome Finance (AERO): +2.73% | Monero (XRM): -7.01% |
| Pendle (PENDLE): +1.68% | dogwifhat (WIF): -6.67% |
Crypto Marketcap Overview
According to data from CoinMarketCap, the overall crypto market valuation is down to $3.95 trillion with an intraday trading volume of $208.79 billion, a 27.26% change in the last 24 hours.
In addition to that, the Fear & Greed index is at 59. This suggests that investors are holding steady with decline in market greed.
Meanwhile, about 121,206 traders have been liquidated from their positions in the last 24 hours, with $453.24 million in total liquidation. According to Coinglass, $376.75 million of the total came from long position traders while $75.96 million came from shorts.
Also Read: TRON Crosses 11.1B Transactions as Bullish Trend Holds
