Crypto Market Recap: Bitcoin Reclaims $62,000 After the Worst Week Since FTX
The cryptocurrency market is opening the week on steadier footing after one of its most punishing stretches of 2026. A wave of selling dragged Bitcoin briefly below $60,000 on Friday and erased roughly $390 billion in total value, before a Monday bounce helped the largest coins claw back some ground. This weekly recap breaks down where the crypto market stands, which assets moved the most, and what drove the turbulence.
Thank you for reading this post, don't forget to subscribe!A brutal week for the crypto market
The past seven days were difficult by almost any measure. Analysts described the stretch as the toughest for digital assets since the collapse of FTX in late 2022, with Bitcoin shedding more than 17% from the prior week’s levels. Cascading liquidations amplified the damage: nearly $7 billion in leveraged positions were wiped out as prices fell, forcing automatic sell orders that pushed the market lower still. Total cryptocurrency market capitalization slid from about $2.53 trillion a week earlier to just above $2 trillion at the lows, a reminder of how quickly sentiment can reverse in this asset class.
Bitcoin and Ethereum: where the majors landed
Bitcoin (BTC) entered Monday trading near $62,800, up roughly 3% on the day after dipping under the psychologically important $60,000 level on Friday. Even after the rebound, Bitcoin sits more than 50% below its all-time high of about $126,000 and is down roughly 22% over the past month. Bitcoin dominance — its share of total crypto market value — held near 56%, a sign that capital was rotating toward the perceived safety of the largest coin even during the decline.
Ethereum (ETH), the second-largest cryptocurrency and the backbone of much of the Web3 and DeFi ecosystem, was the weaker of the two majors. ETH traded in the $1,640 to $1,670 range to start the week, down roughly 26% over the past month. The underperformance reflects heavier outflows from Ethereum-linked investment products and softer demand for the smart-contract platforms built on its blockchain.
Altcoins and the standout structural story
The broader altcoin market followed Bitcoin lower before stabilizing. Solana (SOL) traded near $66–$68, down about 21% on the month, while XRP slipped to a roughly 15-week low around $1.12–$1.17. Monday’s relief rally was broad: BNB rose about 3.45%, Dogecoin climbed roughly 5.28%, and Cardano led the majors with a gain near 6.25% as traders bought the dip.
The most important structural development came from Hyperliquid (HYPE), which broke into the top 10 by market capitalization on June 1 with a value near $16 billion, displacing Dogecoin. It marked only the second time a pure decentralized finance (DeFi) protocol has cracked the top 10, after Uniswap did so in 2021. Notably, HYPE-linked products were the only major crypto exchange-traded funds (ETFs) in positive territory, while spot Bitcoin, Ethereum, Solana, and XRP ETFs collectively bled about $4.4 billion across 13 trading sessions.
Weekly snapshot of the crypto market
| Asset | Approx. price (Jun 8) | ~30-day change | Notes |
|---|---|---|---|
| Bitcoin (BTC) | ~$62,800 | -22% | Briefly below $60K Friday; ~56% dominance |
| Ethereum (ETH) | ~$1,660 | -26% | Weakest major; heavy ETF outflows |
| Solana (SOL) | ~$67 | -21% | Recovered with the broader bounce |
| XRP | ~$1.15 | -17% | Hit a 15-week low during the week |
| Hyperliquid (HYPE) | ~$16B mkt cap | n/a | Entered top 10; only ETF in the green |
What drove the selloff
Several forces converged at once. A softer-than-expected May US employment report and continued uncertainty over the Federal Reserve’s interest-rate path pushed investors out of riskier assets. Geopolitical tension in the Middle East added to the caution, and a steady rotation of speculative capital into artificial-intelligence equities pulled money away from cryptocurrency. With leverage stretched across the market, even modest declines triggered the chain of liquidations that turned a pullback into a rout. By Monday, however, Bitcoin’s reclaim of the $60,000 level and green candles across most major coins suggested the worst of the panic selling may have passed, at least for now.
The Israeli blockchain angle
Against this volatile global backdrop, Israel’s blockchain sector continued to advance its long-term agenda. In a regional first, Israel’s Capital Market Authority cleared the launch of BILS, a shekel-backed stablecoin issued by Bits of Gold, fully backed and pegged 1:1 to the Israeli new shekel and running on the Solana blockchain. It is the first government-approved fiat-backed stablecoin in the Middle East — a meaningful signal of institutional acceptance even as prices fell. On the policy side, Israel’s National Crypto Strategy Committee has presented an interim framework to the Knesset built around five pillars, including a unified regulator, clear token-issuance rules, and banking integration, while the Israel Tax Authority’s Voluntary Disclosure Procedure runs through August 2026.
The local industry is pushing hard for reform. The Israeli Crypto, Blockchain & Web 3.0 Companies Forum has launched a lobbying effort, citing KPMG research suggesting regulatory clarity could add about 120 billion shekels (roughly $38 billion) to the economy by 2035 and create some 70,000 jobs. According to Startup Nation Central, more than 160 Israeli-founded companies have captured over 5% of the roughly $30 billion invested globally in the sector, underscoring why Israel remains a heavyweight in blockchain infrastructure and Web3 innovation. For Hebrew-language coverage of these market moves, visit coindex.co.il, and Portuguese readers can find similar analysis at coindice.com.br.
The week ahead
Heading into the new week, the crypto market looks fragile but stabilizing. The $60,000 level for Bitcoin has become the line traders are watching most closely; a clean hold could invite dip-buyers back, while a renewed break below it would likely reopen the door to further downside. ETF flows, the next round of US macroeconomic data, and any shift in Fed expectations will set the tone. For now, the message from the past seven days is familiar to anyone who follows cryptocurrency: in this market, sharp drawdowns and equally sharp rebounds remain part of the territory.
This content is for informational purposes only and does not constitute financial advice.
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