Key facts
- Bitcoin and Ether are facing their steepest weekly drops since the FTX collapse.
- The total cryptocurrency market has shed approximately $390 billion in value.
- Altcoins have lost approximately $520 billion in value.
- Bitcoin has fallen below $60,000.
- Bitcoin has reached its lowest price of 2024.
- U.S. spot Bitcoin ETFs are nearing $2 trillion in cumulative trading volume.
- U.S. spot Bitcoin ETFs launched in January 2024.
- Shiba Inu's burn rate increased by 491% over the past week.
- 37.52 million SHIB tokens were removed from circulation.
- Shiba Inu token price fell to new lows around $0.000004.
The cryptocurrency market is undergoing a severe downturn, with Bitcoin and Ether on track for their steepest weekly declines since the FTX collapse. The total cryptocurrency market has shed approximately $390 billion in value. Altcoins have been particularly hard-hit, losing an estimated $520 billion amid broader global financial market weakness, including substantial losses in U.S. equities. Bitcoin has fallen below the $60,000 mark, reaching its lowest price of 2024. This decline has occurred despite a muted U.S.-Iran conflict and an update from U.S. Treasury official Scott Bessent concerning the Strategic Bitcoin Reserve. U.S. spot Bitcoin ETFs are nearing a significant milestone of $2 trillion in cumulative trading volume, a level achieved less than two and a half years after their launch in January 2024. However, these funds have recently experienced notable outflows, contributing to Bitcoin's price drop from its all-time high. Investors are also showing interest in a new category of crypto investments, HYPE ETFs, linked to hyperliquid platforms. Meanwhile, the Shiba Inu burn rate has surged by 491% over the past week, with 37.52 million SHIB tokens removed from circulation. Despite this increased burn rate, the SHIB token has fallen to new lows around $0.000004, influenced by the broader crypto market selloffs and liquidation pressures.