The selloff in the industry reflected growing concerns about the health of the U.S. economy and followed a broader decline in the prices of bitcoin, ether
and risk assets in general. The tech-heavy Nasdaq fell 5.8% for the week, its worst performance since January 2022.

In addition to macroeconomic pressures, the calendar is not doing crypto any favors. September is historically a tough trading month for crypto assets, with Bitcoin recording an average loss of 4.8%, according to CoinGlass. The Cryptocurrency Fear and Greed Index, a gauge of crypto market sentiment, is firmly in the “extreme fear” zone, indicating that investors are worried about price movements.

Bitcoin has fallen to its lowest level since February, down 4% in the last 24 hours to around $54,000.