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Bitcoin Crashes Below $54K, $93M Liquidated Amid US Stock Market Drop, Struggles to Hold $52K

Sep 6, 2024, 03:47 PM

The cryptocurrency market experienced significant turmoil as Bitcoin's value plummeted below $54,000, triggering $93 million in liquidations within four hours. This decline coincided with a sharp 2% drop in the US stock market over a three-hour period. Market analysts are concerned about Bitcoin's ability to hold the $52,000 support level, with some speculating it could fall to $40,000. Notably, Bitcoin's current price is below BlackRock's average buy-in of $55,000. Bitcoin, often referred to as 'king,' faced challenges in its attempt to reach $100,000.