Bitcoin price drops to USD53,000, lowest since August 5
(MENAFN) On Friday, the price of Bitcoin dropped significantly to USD53,000, marking its lowest level since August 5. The world's leading cryptocurrency was trading just below this threshold at 4:52 p.m. EDT, reflecting a daily decline of 5.8 percent. This sharp drop highlights the volatility in the cryptocurrency market, where Bitcoin's fluctuations are closely watched by investors.
Ethereum, the largest altcoin by market capitalization, also faced a substantial decline, falling 8.2 percent to USD2,180. Several other altcoins within the Ethereum ecosystem experienced price drops exceeding 8 percent for the day. The broader cryptocurrency market saw a decrease in value, standing at USD1.88 trillion with a 4.76 percent daily loss. Bitcoin's market dominance was recorded at 55.9 percent, while Ethereum held a 14.1 percent share, according to data from CoinMarketCap.
The significant sell-off in cryptocurrencies coincided with a notable downturn in major US tech stocks on Friday. Electric car manufacturer Tesla saw its shares plummet by 8.45 percent, while semiconductor giant Nvidia experienced a 4.1 percent loss. Alphabet, the parent company of Google, also faced a significant decline of 4 percent, and Meta Platforms, which owns Facebook, WhatsApp, and Instagram, saw its stock fall by 3.2 percent. Amazon's shares decreased by 3.65 percent.
The tech-heavy Nasdaq Composite index was heavily impacted, dropping 436 points or 2.55 percent on Friday. This decline contributed to a 5.8 percent decrease for the week, marking the index's worst weekly performance since 2022. The broad sell-off in both cryptocurrencies and tech stocks underscores the current volatility and uncertainty in the financial markets.
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