The price of Bitcoin (BTC) is back below $17,000 U.S. and trading at the same level it was at in October 2020.
Bitcoin’s price has declined 2.1% in the past week and is currently trading around $16,750 U.S.
The slump in Bitcoin comes as the entire cryptocurrency sector reels from the bankruptcy of the FTX exchange. In all, nearly $2 trillion U.S. in value has been wiped from the cryptocurrency market over the past 12 months.
The price of Ethereum (ETH) has also been in steady decline, falling 3.1% over the last week to $1,200 U.S.
The drop in Ethereum’s price comes despite the Commodity Futures Trading Commission (CFTC) announcing that it will officially recognize Ethereum, along with Bitcoin, as a commodity.
Bitcoin’s price is down 75% since it peaked at an all-time high of $68,000 U.S. in November 2021.
