Bitcoin Price Drops to $54,000

On September 6, around 13:00 (Kyiv/Moscow time), the price of the leading cryptocurrency began to decline, plummeting from $56,000 to $54,000—a drop of 3.5%.

Bitcoin’s decline dragged other top-10 digital assets by market capitalization into the “red zone.” Ethereum fell to $2270, a 4% decrease over the day.

According to Coinglass, the liquidation volume over the past 24 hours reached $163.8 million, with the majority ($127.4 million) being long positions.

The main downturn in the crypto market occurred alongside a decline in S&P 500 quotes. Since the opening of today’s trading session, the index has fallen by 1.62%.

Earlier, Bitfinex suggested the possibility of the leading cryptocurrency’s price falling to $40,000.

Former BitMEX CEO Arthur Hayes speculated that Bitcoin’s correction could continue to $50,000.