Bitcoin's price took a dip below the $54,000 mark on Friday, as the cryptocurrency continued its downward trend over the past week.
Bitcoin’s price continued its downward trend on Friday, falling below the $54,000 mark. This represented a 3.5% decrease compared to the previous day and reached a low of $53,810, a level not seen since early August.
Over the past 24 hours, BTC slid 4.5% against the U.S. dollar. Moreover, over the last week, it's dropped 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, a large portion 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.
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