Bitcoin Plunged 11% in Worst Week Since FTX’s Collapse. What’s Next for $BTC price?
BTC’s fall below $26,000 is poised to be the worst weekly decline since the collapse of FTX.
Absence of a decision in the closely followed Grayscale vs. SEC lawsuit didn’t support the recovery.
BTC’s price slipped below $26,000 Friday afternoon – which erased some of Thursday’s sharp decline – fizzled. The largest cryptocurrency by market capitalization had plummeted to $25,392 Thursday afternoon, hitting its lowest price since mid-June, amid cascading liquidations of leveraged trading positions.
The price action puts the flagship crypto’s decline at roughly 11% this week, worst weekly return since November’s market crash to $15,000 that was induced by the failure of Sam Bankman-Fried’s FTX.
