Bitcoin Price Hits 5-Month Low as Market Cap Slumps Below $2 Trillion

The Bitcoin price plummeted to its lowest level since August on Friday, reaching $38,560.45 in the early hours of the day.

This significant drop marks a 6.68% decline over the past 24 hours, with other major cryptocurrencies like Ether, Binance Coin, Cardano, and Solana experiencing even steeper falls, some shedding as much as 9% of their value.

The correlation between Bitcoin and the tech-heavy Nasdaq 100 index has been well-documented, and the index's entry into correction territory on Thursday likely contributed to the decline in Bitcoin's price.

The total market cap of all cryptocurrencies has now slumped to $1.8 trillion, down from a recent high near $3 trillion.