Market News
Bitcoin set for biggest weekly fall since FTX collapse in 2022 - REUTERS
By Rae Wee and Brigid Riley
Summary
- Bitcoin caught up in tech selloff on tariff and growth fears
- US crypto policy doubts and Bybit hack hurts crypto sentiment
- Bitcoin ETFs see $2.27 billion outflows, crypto stocks decline
SINGAPORE, Feb 28 (Reuters) - Bitcoin hit its lowest since November and was set for its biggest weekly fall in over two years, swept up in a sell-off in tech stocks at a time when a $1.5 billion hack and doubts about U.S. crypto policy has left industry sentiment fragile.
The world's largest cryptocurrency by market value dropped as much as 7% on Friday to $78,273 , its lowest since November 10 and on track for a fifth straight day of declines.
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 optimis
