Bitcoin Faces Steepest Weekly Decline Since FTX Collapse
Bitcoin, the world’s leading cryptocurrency, has experienced a significant downturn this week, marking its largest weekly drop since the FTX collapse in 2022. On Friday, Bitcoin fell to $78,273, its lowest point since November last year, according to a report by Reuters.
Over the past week, Bitcoin's value has declined by 16%, wiping out approximately half a trillion dollars from the cryptocurrency market. Analysts attribute this steep decline to inflationary pressures, uncertainty surrounding U.S. crypto regulations, and concerns over Donald Trump’s tariff policies, which have shaken investor confidence.
Additionally, the recent $1.5 billion hack on the popular crypto exchange Bybit has had a negative impact on the market. U.S. Bitcoin ETFs have already seen an outflow of $2.27 billion in investments.
Market experts suggest that despite being perceived as "digital gold," Bitcoin's recent downturn reinforces its status as a high-risk asset. Meanwhile, Ethereum has also declined by 6%, dropping to $2,149.
Furthermore, Donald Trump's "TRUMP" meme coin and his wife Melania's "MELANIA" token have plunged by 50% and 90%, respectively. As market uncertainty looms, investor anxiety continues to escalate.
