Crypto Market Update August 14: Bitcoin Retests $62K as BoJ Eyes Faster Rate Hikes, UNI Leads Altcoin Losses
Highlights
- The crypto market is down today amid geopolitical risks and the BoJ's hawkish stance.
- Bitcoin has dropped to retest support at $62,000 while Uniswap is leading altcoin losses with an 8% drop.
- Total crypto liquidations have reached $252 million in the last 24 hours.
The crypto market is down today, August 14, as a hawkish monetary outlook by the Bank of Japan (BoJ) and geopolitical risks weigh on prices. Bitcoin (BTC) has dropped to retest $62,000, while Uniswap (UNI) has made the biggest daily loss among altcoins.
What is Driving the Crypto Market Down Today?
The main reason why the crypto market is down today is reports that the Bank of Japan is planning to raise interest rates during its September monetary policy meeting, after which it will start hiking rates more than two times annually, per a report by Reuters.
The BoJ had earlier signalled faster rate hikes in July when the value of the Yen dropped to 40-year lows, with that drop even prompting an intervention by the US government.
The anticipated rate hike by the BoJ diverges from the expectations that the US Federal Reserve will leave interest rates intact at between 3.50% and 3.75% during its September FOMC meeting.
Prediction markets show that the odds of the Fed hiking rates have dropped to 27%, with the drop coming after US PPI data fell to 4.5% in July 2026.
Geopolitical risks are also pushing the crypto market down today after a drone attacked a ship at the Strait of Hormuz on August 14, with Iran demanding all ships passing through the Strait to seek permission from the Iranian military.
The attack comes a day after President Trump claimed that the US had total control over the Strait of Hormuz. The escalating tensions between the US and Iran are reducing demand for risk assets as the price of oil rises to $81.
Reduced demand for crypto ETF products is also the third reason why the crypto market is down today after Bitcoin ETFs posted $131 million in outflows on August 13 per data from SoSoValue.
Ethereum and XRP were the only ETFs that posted inflows on that day of $6.72 million and $2.25 million, respectively.
Crypto Market Data Today
- Total Crypto Market Cap: $2.16 trillion (-0.69%)
- 24-Hour Trading Volumes: $48.63 billion
- Bitcoin: $62,854 (-0.86%)
- Ethereum: $1,878 (+0.05%)
- XRP: $1 (-0.08%)
- Bitcoin Dominance: 58.3%
- Ethereum Dominance: 10.5%
- Bitcoin ETF Flows: -131.13 million
- Ethereum ETF Flows: +6.72 million
- Altcoin Season Index: 51/100
- Fear and Greed Index: 29 (Fear)
Derivatives Market Analysis
The total open interest across the crypto market has increased by 3.38% today, August 14, to $119 billion at the time of writing. The crypto market’s total OI is now up by $5 billion in August 2026. Derivatives trading volumes also rose by 9.44% to $159 billion.
The amount of liquidations across the crypto market has also increased by 59% today to $252 million per CoinGlass data. Long buyers were dealt the biggest blows after long liquidations topped $135 million, while short liquidations reached $117 million.
Data from CoinGlass also shows that the crypto market is evenly split between long traders and short traders. Long volumes have topped $23.81 billion today, while short volumes have topped $23.36 billion.
The weighted funding rate for Bitcoin is also positive at 0.048%, while Ethereum’s funding sits at 0.0026%.
Bitcoin Technical Outlook Today
The price of BTC is making a rounded top pattern on the four-hour chart that often signals a bearish long-term Bitcoin price outlook.
The support of this rounded bottom is at the August 3 low of $62,560. If the price of Bitcoin closes below this support, it could move to test the psychological support at $60,000.
The RSI reading of 33 suggests that the short-term momentum is favoring bears. The ADX line that is rising also shows that the downtrend is strong, making a close below the support of $62,560 likely.
Still, CryptoQuant notes that the supply of Bitcoin that is in profit has dropped to 51.4%, with this being the lowest reading seen in more than three years. Analyst EgyHash notes that this drop suggests that Bitcoin is bottoming out.
Uniswap Price Crashes Despite Standard Chartered’s Bullish Bet
Uniswap price is down by 8.58%, to trade at $3.21 at the time of writing, making it one of the biggest losers in the crypto market today. The drop comes despite Standard Chartered analyst Geoff Kendrick saying that his previous $100 target by 2030 for UNI price was too low.
The price of UNI is now down by 21% since it created a death cross on August 7. If the downtrend persists. UNI could drop below $3 for the first time since July 2.
The RSI reading of 33 shows that UNI is nearly oversold. If the sellers become exhausted, UNI will have to close above the resistance at the 50-day SMA of $3.59 to confirm that the uptrend is strong.
Catch up on yesterday’s top movers and the events that moved prices in our Crypto Market Update August 13.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Frequently Asked Questions (FAQs)
1. Why is the crypto market down today?
2. Will Bitcoin price drop to $60,000?
3. Why is Uniswap price crashing?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
24 Hours volume
$31.47B
Market Cap
$1.58T
Max Supply
21M
