Bitcoin’s price took a dip below the $54,000 mark on Friday, as the cryptocurrency continued its downward trend over the past week. The value slipped by 3.5% compared to the previous day, reaching a low of $53,810, a level not seen since early August.
Crypto Market Chaos: $93M Liquidated in 4 Hours as Bitcoin Crashes Below $54K
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Bitcoin Reaches a 30-Day Low
Over the past 24 hours, bitcoin has dropped 4.5% against the U.S. dollar. Over the last week, it’s fallen by 6.5%, shedding 10.6% over the past two weeks, and down 3.9% for the past 30 days.
As of 11:30 a.m. EDT on Friday, bitcoin’s price was hovering slightly above $54,000, with trading volume surging to $39.26 billion. However, most of that volume reflected selling pressure.
In the crypto derivatives market, approximately $45.96 million in long bitcoin positions were liquidated in the past four hours. Total liquidations, including both long and short positions across the entire crypto economy, reached $93.36 million during this period.
Over the last 24 hours, a total of $163.8 million has been wiped out, affecting 49,365 traders. At press time, BTC is trading for $54,207 per coin at 11:40 a.m. Eastern Time.
What do you think about bitcoin’s significant drop in value on Friday? Share your thoughts and opinions about this subject in the comments section below.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
