Crypto’s worst week since July 2024 deepens as bitcoin, ether near critical price levels
Crypto is on course for its worst week since July 2024, with the ether price approaching a critical support as a zcash exploit and AI capital rotation pile on the pressure.
What to know:
- Bitcoin lost nearly 15% this week and ether more than 17%, crypto’s worst weekly performance since July 2024, against a backdrop of the lowest monthly spot trading volume since October 2023.
- Privacy coin zcash crashed more than 30% after a security researcher uncovered an exploit that could have minted unlimited tokens, dragging rivals monero and dash down with it, with Arthur Hayes adding to the pressure by disclosing his firm had sold its entire ZEC position.
- Ether is approaching $1,420, the level it bounced from in April 2025 before a four-month rally to record highs. A break below would open the door to 2022 bear market territory.
Ether, the second-largest cryptocurrency, is now at its lowest level since April 2025, when it bounced at $1,420 before rallying to record highs over the subsequent four months. A break below that level would bring it toward 2022 bear-market levels, when it dipped below $900.
The broader altcoin market also suffered deep losses this week. One of the worst performers on Friday was zcash (ZEC), which tumbled by more than 30% after a security researcher found an exploit that would have minted “unlimited” tokens in its shielded pool.
There are multiple catalysts causing this week’s slide. Strategy (MSTR) Executive Chairman Michael Saylor attributed it to capital rotation in light of a series of artificial intelligence IPOs in the U.S., while onchain analysts are pointing towards a lack of spot crypto volume.
