Worldsfeed Tech Desk: Bitcoin (BTC) is currently experiencing its toughest week since last November’s FTX crash. The recent turmoil in the cryptocurrency market, most notably on Thursday, resulted in BTC’s worst weekly drop. Despite bullish expectations, optimism was shattered by the fact that Friday’s ongoing battle between Grayscale and U.S. regulators failed to deliver a key court ruling that could have had a positive impact on BTC’s price.
BTC fell below $26,000 on Friday afternoon after briefly surging to around $27,000. This recovery attempt should offset some of Thursday’s heavy losses. Notably, the top cryptocurrency by market cap fell to $25,392 on Thursday afternoon, marking its lowest since mid-June. This week’s price action points to around the 11th level for BTC in what may be
worst weekly performance since November’s FTX crash-triggered $15,000 market crash.
Ether (ETH) as well as XRP, MATIC, DOGE and SHIB also saw their prices fall.The value of ETH has fallen about 10% in a week. It performed slightly better than BTC as reports indicated the US Securities and Exchange Commission (SEC) is considering approving exchange-traded funds (ETFs) linked to ETH futures. However, despite this news, the second largest cryptocurrency has entered a “significant downtrend”; for the first time in two months, according to CoinDesk’s trend analysis, indicating strong downward momentum.
Other cryptocurrencies like Ripple XRP, Polygon MATIC, as well as coins like DOGE and SHIB saw losses of 15% to 20% in a week. The CoinDesk market index, which tracks the performance of the broader cryptocurrency market, saw a decline of more than 12% over the same period.
market watchers waited for a court decision, which is expected Friday at 11:00 ET (15:00 UTC) on the legal dispute between Grayscale and the SEC.However, the agreed hour came and went without notice.