Crypto market wipes out $500 bn in a week; Bitcoin down 20%, slips 7% in a day

The cryptocurrency market experienced a significant downturn, with nearly $500 billion wiped off its total value in a week. Bitcoin and Ethereum saw substantial drops, reflecting a broader risk-off sentiment in global markets. Analysts suggest this volatility is driven by macro factors and elevated leverage, with near-term price action expected to be range-bound.