Bitcoin suffered a dramatic plunge this week, dropping to its lowest point since late February. The cryptocurrency’s value plummeted to around $53,000, marking a staggering $17,000 loss in just seven days.
The decline began with a sharp drop from $66,000, triggered by concerns over the US economy following a weak jobs report. This initial fall was followed by a weekend-long sell-off that accelerated the downward trend.
The cryptocurrency market experienced significant liquidations as Bitcoin’s price tumbled. Analysts attribute the crash to various factors, including economic uncertainty, investor withdrawals, and potential large-scale selling by companies like Jump Crypto.
While Bitcoin has been the hardest hit, other cryptocurrencies have also suffered substantial losses, with Ethereum declining by 20% over the same period.