Bitcoin (BTC) and Ethereum (ETH) opened the week with notable losses as two major cryptocurrencies have retreated from recent highs.
According to Encryption Data, Bitcoin has dropped by more than 3% in the last 24 hours, sliding from over $118,000 to about $115,303 at the time of writing.
Ethereum fell roughly 4% to $4,270 following the lawsuit, in an effort to end its recent streak of big profits.
The broader market reflects this weakness as the top 10 cryptocurrencies by market capitalization, including XRP, Binance Coin (BNB), Solana, Dogecoin and Cardano, with an average drop of nearly 4% each.
In a note to investors on August 18, Matrixport analysts commented on their current position in the market, noting that BTC’s breakdown below the long-term downtrend line that previously provided support was unexpected.
The sudden pullback could potentially test Bitcoin prices at a $112,000 level than the US Federal Reserve’s price decision in September, according to the company.
They added:
“Technically, Bitcoin is on Norman’s land between $112,000 to $117,292 traders with two distinct strategies. We’ll either buy strength at breakouts or wait for nearly $112,000 to accumulate.”
Meanwhile, Matrixport emphasizes that this year’s Jackson Hole Economic Symposium is unlikely to provide a substantial market change signal, describing it as a discussion forum rather than a catalyst.
As a result, the market will turn to the FOMC meeting on September 17 for clearer guidance.
Ethereum traders lose more than $200 million
The sudden decline has caused a wave of liquidation throughout the crypto market, unaware of which many traders have.
Coinglass data shows that approximately $534 million of leveraged positions have been liquidated, affecting more than 127,000 traders.
The long position suffered the most, accounting for a loss of $447 million, while the short position contributed about $86 million.
Ethereum traders have experienced the sharpest hits. The liquidation totaled $212 million, almost twice the $111 million lost by Bitcoin traders. Solana, XRP and Dogecoin traders also face significant losses worth $31, 18, and 17 million, respectively.
Bitcoin Market Data
When reporting 9:16 AM UTC, August 18, 2025Bitcoin ranks number one in terms of market capitalization, and the price is under 2.21% Over the past 24 hours. Bitcoin has a market capitalization 2.3 trillion dollars 24-hour trading volume $6.08 billion. Learn more about Bitcoin›
Overview of the Crypto Market
When reporting 9:16 AM UTC, August 18, 2025Crypto market totals are evaluated by $3.89 trillion There is a 24-hour volume $16.773 billion. Bitcoin’s advantage is currently underway 59.02%. Crypto Market Details›