The cryptocurrency market lost nearly $390 billion in total market capitalization over a single week, marking its steepest decline since the FTX collapse. By June 7, Bitcoin and Ethereum saw sharp weekly drops of 17.3% and 22%, respectively. However, the market showed signs of recovery between June 11 and 12, with the total capitalization rising to $2.18 trillion. Technical indicators like the daily RSI are currently recovering toward neutral territory after hitting severe oversold levels.
Total market capitalization rose 0.9% to $2.15 trillion as technical indicators signal a potential consolidation phase following a weekly rout.
Read the full storyThe total crypto market cap rose 1.3% to $2.18 trillion as technical indicators recover from severe oversold conditions following a massive weekly rout.
Digital assets faced a massive sell-off as Bitcoin and Ethereum posted their steepest weekly declines since November 2022, erasing $390 billion in value.