Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
Bitcoin and Ethereum are facing their worst weekly decline since the FTX exchange collapse in November 2022, as the broader cryptocurrency market has shed approximately $390 billion in value. Both leading digital assets have experienced significant selling pressure throughout the week, with trading volumes surging as investors rush toward the exits.
The current market rout draws comparisons to the turbulent period following FTX's dramatic collapse, which sent shockwaves through the crypto ecosystem and triggered widespread liquidations. That November 2022 crash marked one of the most severe downturns in cryptocurrency history, wiping out hundreds of billions in market capitalization and leading to multiple industry bankruptcies and investigations.
The massive $390 billion market value destruction has impacted virtually all sectors of the cryptocurrency space, from major tokens to smaller altcoins and decentralized finance protocols. Trading platforms have reported increased activity as both retail and institutional investors adjust their positions amid the volatility. The selling pressure has also affected crypto-related stocks and broader digital asset investment products.
Market participants are closely monitoring key support levels for both Bitcoin and Ethereum, while regulatory developments and macroeconomic factors continue to influence sentiment. The sustainability of current price levels and potential for further declines remain primary concerns as the week progresses toward its close.
Source: CoinDesk
