Crypto Market Experiences Worst Weekly Decline Since FTX Collapse

The cryptocurrency market has suffered its worst weekly decline since the FTX collapse in November 2022, with Bitcoin falling 17.3% and Ether dropping 22%. The total value of the digital asset market shed $390 billion, leaving it hovering just above $2 trillion.

The decline was triggered by a combination of factors, including a stronger-than-expected US jobs report on Friday. This report forced investors to reassess their expectations about the Federal Reserve's next move, leading to higher bond yields and increased fears of rate hikes.

Additionally, concerns have been growing about AI's impact on crypto protocols. The use of Anthropic's latest AI model by researchers uncovered a critical vulnerability in Zcash's privacy system, causing the cryptocurrency to tumble more than 40%.