Bitcoin falls to 5-month lows at $53,000

Bitcoin’s price woes appear to have no end in sight as the asset continued to slide on Monday morning, falling 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 BTC price declines since Friday that began with a drop from $66,000 to $62,200 as the US economy’s woes worsened after a weak July jobs report.

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

The picture worsened further on Sunday when BTC fell to $57,000, leaving over $350 million in liquidations at the time. Just for reference, that number has since skyrocketed to $830 million.

Another price drop took place on Monday morning, taking the cryptocurrency to $53,000 (on Bitstamp), the lowest position since late February this year.

Some of the possible reasons behind this continued decline include uncertainty in the US economy, investors withdrawing funds, but also certain shares of large companies such as Jump Crypto moving ETH, which could be considered a potential selloff.

Remember that BTC took advantage of $70,000 last Monday, which means it has poured in $17,000 since then. Altcoins are in an even worse state, with ETH down 20% in the same time period.

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