Bitcoin and Ethereum Dive as Tech Stocks Tumble
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Bitcoin prices took a significant hit on Friday, dropping to $53,000, marking its lowest point since August 5. By 4:52 p.m. EDT, the world's largest cryptocurrency was trading just below this level, resulting in a daily loss of 5.8%.
Ethereum, recognized as the largest altcoin, also suffered a setback, declining 8.2% to $2,180. Additionally, several altcoins within the Ethereum ecosystem experienced even steeper losses, with some dropping more than 8% throughout the day.
The overall cryptocurrency market value fell to $1.88 trillion, reflecting a daily loss of 4.76%. Bitcoin's market dominance stood at 55.9%, while Ethereum's dominance was recorded at 14.1%, according to CoinMarketCap.
This sharp sell-off in the cryptocurrency market coincided with a broader decline in major U.S. tech stocks, which saw their prices tumble on the same day. Electric car manufacturer Tesla experienced a steep decline of 8.45%, while chipmaker Nvidia fell 4.1%. Parent company of Google, Alphabet, also saw a notable drop of 4%.
Meta Platforms, the parent company of Facebook, WhatsApp, and Instagram, experienced a decline of 3.2%, alongside Amazon, which was down 3.65%.
The tech-heavy Nasdaq Composite index plunged by 436 points, or 2.55%, on Friday, culminating in a 5.8% decline for the week, marking its worst weekly performance since 2022.
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