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Crypto markets lose $390B as Bitcoin and Ether face worst weekly drop since 2022 FTX collapse

Market News
06 Jun 2026
Coindesk
View Source
Bearish
pluang ai news

Bitcoin and Ether suffered their largest weekly declines since the 2022 FTX collapse, dropping 17.3% and 22% respectively, wiping out about $390 billion from the crypto market. The selloff was triggered by Strategy's bitcoin sale, heavy ETF outflows, competition from AI investments, and fears of Federal Reserve rate hikes. About $7 billion in leveraged crypto positions were liquidated, mostly long bets. The market's recovery remains uncertain amid ongoing macroeconomic pressures and competition from AI sectors.

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