Bitcoin price falls below USD54,000, erasing all gains made over past 4.5 months
(MENAFN) The price of Bitcoin dropped below USD54,000 on Friday, erasing all gains made over the past four and a half months. Following a 5.3 percent decline on Thursday, Bitcoin fell to a low of USD53,886, and by mid-morning EDT, it was trading around USD55,639 on Binance, showing a daily loss of 3.1 percent. This marks the first time since February 26 that Bitcoin has dipped below the USD54,000 level, briefly falling below USD51,000 before recovering with a 5.3 percent gain on that day, according to Binance data.
Ethereum also saw a decline, dropping 5.1 percent to USD2,970, while other alternative cryptocurrencies (altcoins) experienced even steeper losses, with some falling more than 11 percent during the day.
The overall cryptocurrency market reflected these losses, with its total value decreasing to USD2.03 trillion, representing a 3.5 percent daily decline. Bitcoin's dominance in the market stood at 53.8 percent, with Ethereum's share at 17.5 percent, according to CoinMarketCap.
Bitcoin had reached a high of USD70,000 on June 10 but has since fallen by over 20 percent. During that peak week, the total cryptocurrency market value was around USD2.54 trillion. Since mid-June, over USD500 billion has evaporated from the cryptocurrency market, reflecting the recent downturn in digital asset prices.
The current sell-off in cryptocurrencies began following news that the German government had transferred 6,500 Bitcoin worth USD425 million to crypto exchanges, following a seizure earlier in the year of 50,000 BTC, the largest crypto seizure in Germany's history. Additionally, the announcement by the defunct crypto exchange Mt. Gox that it would begin distributing digital assets stolen from its clients during a 2014 hacking event in July added further downward pressure on Bitcoin's price.
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