Key facts
- Bitcoin and ether are experiencing significant weekly price declines.
- The current downturn is the most severe since the collapse of FTX.
- The total cryptocurrency market capitalization has decreased by $390 billion.
- The week's downturn began with a notable sale of bitcoin.
The cryptocurrency market is experiencing one of its most significant drawdowns in years, with Bitcoin and Ether on pace for their worst weekly performance since the collapse of the FTX exchange. The total value of the crypto market has fallen by approximately $390 billion over the past week. This sharp decline began with a notable sale of Bitcoin early in the week.