Cryptocurrencies Face Volatility with Bitcoin, Ethereum, and Solana Declining

Market sentiment remains cautious as Bitcoin struggles to reclaim $60,000 and other major cryptocurrencies experience significant drops.

Bitcoin has fallen below $58,000, marking a nearly 6% decline this week and over 9% for August.
Ethereum and Solana have seen even steeper declines, with Ethereum down 22% and Solana 21% for the month.
Large transaction volumes and daily active addresses for Bitcoin have dropped, while liquidations have surged to $186 million in the past 24 hours.
Market analysts note a pattern of Bitcoin selling off during U.S. trading hours, with potential volatility expected post-Labor Day.
Despite the downturn, some experts remain optimistic about future rallies, citing institutional adoption and possible regulatory changes.