Bitcoin falls to $53,000 in 1-month low

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) – The price of Bitcoin price plummeted Friday 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%.

Ethereum, the world's largest altcoin, also experienced a decline, falling 8.2% to $2,180. Among Ethereum, some altcoins saw their prices drop more than 8% for the day.

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

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

Electric carmaker Tesla shares plummeted 8.45%, while chipmaker Nvidia lost 4.1%. Google's parent firm, Alphabet, dove 4%.

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

The tech-heavy Nasdaq Composite index plummeted 436 points, or 2.55% on Friday and posted a 5.8% decline for the week, recording its worst weekly performance since 2022.