To Lose $17,000 in a Week: Bitcoin Plunges to 5-Month Lows at $53,000

Bitcoin’s price struggle appears to have no end in sight as the cryptocurrency took a further plunge on Monday morning, reaching its lowest point since late February at $53,000. This decline marks a loss of approximately $17,000 within just one week, making it one of the worst weekly performances in Bitcoin’s 15-year history. BTC’s price drops have been a topic of discussion since Friday, beginning with a sharp decline from $66,000 to $62,200 due to concerns about the US economy following a disappointing jobs report for July. The bears continued to dominate the market over the weekend, pushing Bitcoin even further south. On Saturday, the price slipped below $60,000 for the first time in three weeks. The situation worsened on Sunday when Bitcoin dropped to $57,000, resulting in over $350 million in liquidations at the time. This number has since risen to an alarming $830 million. Monday morning brought yet another decline, sending Bitcoin to $53,000 on Bitstamp. Several factors may have contributed to this ongoing crash, including uncertainty in the US economy, investor withdrawals, and potential selling actions by companies such as Jump Crypto. Just a week ago, Bitcoin was trading at $70,000, highlighting a significant loss of $17,000. Altcoins, particularly ETH, have also fared poorly in the same timeframe, with a 20% decrease.