**Bitcoin Takes a Tumble: A Rollercoaster Ride Below $53K 🎢**

- Bitcoin (BTC) took a nosedive on Aug. 5, plummeting 10% from $58,350 to a low of $52,500 in under two hours. Talk about a wild ride!

- BTC has since bounced back a bit, trading at $54,384 at the time of writing, according to TradingView.

- This marks the first time BTC dipped below $53,000 since Feb. 26, when it rallied post-approval of spot Bitcoin ETFs in the US.

- The crypto market saw over $740 million in leveraged positions wiped out, with $644 million in leveraged longs liquidated, per CoinGlass.

- Ether (ETH) traders felt the burn too, with $256 million in ETH longs and $231 million in BTC longs forcibly closed.

Stay tuned for more updates as this story develops!