Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion

📰 CoinDesk


📉 Bearish

AI Summary

Bitcoin and Ethereum are experiencing their worst weekly decline since the FTX exchange collapsed in November 2022. The crypto market has lost $390 billion in value this week, starting with MicroStrategy selling Bitcoin and culminating in a massive market-wide selloff.

Market Impact

This significant selloff could trigger further panic selling and margin liquidations in the short term. Traders may avoid risk assets like Bitcoin until market conditions stabilize and selling pressure subsides.

💡 Trader Note: Monitor key support levels closely as this magnitude of decline often leads to cascading liquidations and potential oversold bounces once selling exhaustion sets in.