"Silent bear market" strikes! Bitcoin has its worst single-week performance since FTX collapsed, with a bigger decline likely to come.

According to the Zhitong Financial APP, Bitcoin fell below $60,000 last Friday, hitting its lowest level since October 2024, with a cumulative pullback of over 50% from its historical high of over $126,000 last year. At the same time, Bitcoin fell by 16% last week, marking its worst single-week performance since the collapse of the cryptocurrency exchange FTX, owned by Sam Bankman-Fried, in 2022.