Bitcoin Plunges to 5-Month Lows at $53,000

Bitcoin’s price troubles seem to have no ending as the asset kept plunging on Monday morning and fell to its lowest price position since late February of $53,000.

This means that BTC has lost about $17,000 since last Monday, making it one of the worst weekly performances in its 15-year history.

CryptoPotato has repeatedly reported since Friday BTC’s price drops that started with a nosedive from $66,000 to $62,200 as the US economy’s issues worsened following a weak jobs report for July.

However, that was just the beginning, and the bears took complete control of the market over the weekend. On Saturday, they pushed BTC south once again, and the asset slipped below $60,000 for the first time in three weeks.

The landscape took another turn for the worse on Sunday when BTC dumped to $57,000, leaving over $350 million in liquidations at the time. Just for reference, that number has skyrocketed to $830 million since then.

Monday morning saw yet another price decline that drove the cryptocurrency to $53,000 (on Bitstamp) – the lowest position since late February this year.

Some of the possible reasons behind this continued crash include uncertainty in the US economy, investors pulling out funds, but also certain actions by large companies like Jump Crypto moving ETH, which could be regarded as a potential sale.

Recall that BTC tapped $70,000 last Monday, which means it has dumped by $17,000 since then. The altcoins are in an even worse state, with ETH down by 20% in the same timeframe.