Bitcoin’s worst week since FTX crash

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Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.

The largest token fell as much 2.1% on Friday in Asia, breaking below $20,000 for the first time since January, after it fell more than 8% on Thursday.

In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security. We deeply apologize for the impact of the leveraged liquidation on the market caused by a few users, and in order to further improve the multi-currency liquidity of the— H.E. Justin Sun 孙宇晨 Bitcoin has shed about 11% so far this week, the most since a 23% weekly tumble in November amid the collapse of Sam Bankman-Fried’s FTX platform.

Bitcoin is now hovering just above its 200-day moving average, which analysts see as an area that could stem its fall.

 

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