Bitcoin set for biggest weekly fall since FTX collapse in 2022

It has fallen 16% in the past week, its biggest weekly drop since the collapse of the FTX crypto exchange in November 2022. The broader crypto market has lost nearly half a trillion dollars in the past week alone, according to Coingecko.

“Inflationary pressures, growth prospects are crumbling and Trump’s tariffs are not going away. And with Trump’s attention (on) anything except deregulating crypto, bitcoin traders are not happy,” said Matt Simpson, senior market analyst at City Index.

Bitcoin typically trades loosely in line with assets like tech stocks that rise when investors are optimistic about economic growth. The tech heavy Nasdaq is at its lowest since November.

Investors fear the so-called exceptionalism of the US economy might be fading and are nervous about US President Donald Trump’s moves to impose tariffs which have stoked fears of higher global inflation and slower growth.