Crypto Market Plunges by $81 Billion on August 29 Amid ETF Outflows and Cautious Fed Comments

The global cryptocurrency market suffered a significant drop on August 29, falling by 3.0% to $2.69 trillion in 24 hours, according to CoinGecko data.

This decline was led by Bitcoin, which dropped over 2.5% intraday to trade at $77,583.66. Ethereum followed closely behind, losing 2.8% to $2,435.73. Other major altcoins like XRP and Cardano also saw significant declines, with XRP falling 2.7% to $1.38 and Cardano losing over 4.5% to trade at $0.1998.

The drop was not limited to the top-tier assets, as memecoins like Dogecoin and Shiba Inu also fell harder than Bitcoin. This is a common phenomenon, as these smaller-cap tokens often carry less liquidity and are sold first when traders start cutting risk.