Bitcoin price plummets to $53,000, hitting its lowest since Aug. 5

The world's largest cryptocurrency was trading just below that level at 4.52 p.m. EDT for a daily loss of 5.8%.

Bitcoin price fell sharply on Friday, reaching $53,000 and marking its lowest point since Aug. 5.

At 4.52 p.m. EDT, the world's largest cryptocurrency was trading just below that level, incurring a daily loss of 5.8%.

The world's largest altcoin, Ethereum, also saw a decline, falling 8.2% to reach $2,180. Among other altcoins, some experienced price drops of over 8% for the day.

The cryptocurrency market was valued at $1.88 trillion, showing a daily loss of 4.76%. Bitcoin's share, also known as dominance, stood at 55.9%, while Ethereum's was at 14.1%, according to CoinMarketCap.

The steep sell-off in cryptocurrencies occurred as major tech firms in the US saw their stock prices plummet on Friday.

Electric carmaker Tesla shares saw a drop of 8.45%, while chipmaker Nvidia lost 4.1%. Google's parent firm, Alphabet, dove by 4%.

Moreover, Meta Platforms, the parent company of Facebook, WhatsApp and Instagram, fell by 3.2%, while Amazon was off by 3.65%.

The tech-heavy Nasdaq Composite index saw a steep decline of 436 points, or 2.55%, on Friday and recorded a 5.8% drop for the week, marking its worst weekly performance since 2022.