Technology
Bitcoin Has Worst Week Since FTX Crash as Headwinds Take Toll
- Token sinks under $20,000 for the first time since January
- Strident US clampdown, bank jitters, stock selloff take toll
This article is for subscribers only.
Bitcoin is having its worst week since November as an equity selloff, jitters in the banking sector and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.
The largest token fell as much 3.2% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday, data compiled by Bloomberg show. Smaller coins like Ether, Solana and Cardano also fell, though Bitcoin recouped some of its losses on Friday afternoon and other tokens turned positive after earlier declines.