Bitcoin Dips Below $53,000 Amid Market Volatility

In the early hours of Saturday, September 7, the price of the leading cryptocurrency briefly fell below the $53,000 mark.

At the time of writing, the digital asset had recovered to $54,300, marking a 3.8% loss over the past 24 hours.

Most digital assets in the top 10 by market capitalization followed Bitcoin into the “red zone.” Dogecoin and Ethereum were hit hardest, losing 5.6% and 4.4%, respectively.

The total market capitalization of digital assets stands at $2 trillion, with Bitcoin’s dominance index at 57%.

According to Coinglass, the total volume of liquidated positions over the past day amounted to $315 million, with $219 million in long positions.

The Fear and Greed Index has dropped to 23, indicating rising panic in the market.

Earlier, on September 4, Bitcoin’s price briefly fell below $56,000. By September 6, it had dropped to $54,000.

Former BitMEX CEO Arthur Hayes suggested the correction of the digital asset could continue to $50,000. Other experts remain divided on Bitcoin’s prospects for September.