Bitcoin price plummets to $53,000, hitting its lowest since August as major tech stocks also plunge

The world's largest cryptocurrency was trading just below that level at 4.52 p.m. EDT for a daily loss of 5.8%.

Major cryptocurrency prices fell sharply on Friday, tracking a steep sell-off in tech stocks.

Bitcoin price fell 5.8% to hit $53,000 by 4.52 p.m. EDT, marking its lowest since Aug. 5. The world's largest cryptocurrency was trading at lower levels after a 0.5% gain in the previous session.

The world's largest altcoin, Ethereum, also fell 8.2% to hit $2,180. Among alts, some saw their prices drop more than 8% for the day.

The cryptocurrency market cap stood at $1.88 trillion with a 4.76% daily loss. Bitcoin's share, or dominance, was at 55.9%. Ethereum's was at 14.1%, according to CoinMarketCap.

The steep sell-off in cryptocurrencies came as major tech firms in the US saw their stock prices plummet on Friday.

Electric carmaker Tesla shares fell 8.45%, while chipmaker Nvidia lost 4.1%. Google's parent firm, Alphabet, dove 4%.

Meta Platforms, the parent company of Facebook, WhatsApp and Instagram, fell 3.2%, while Amazon was off 3.65%.

The tech-heavy Nasdaq Composite index fell 436 points, or 2.55% on Friday and posted a 5.8% decline for the week, recording its worst weekly performance since 2022.

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