The first half of 2026 has turned into one of the toughest periods for the cryptocurrency market since the collapse of the FTX exchange in 2022.
After reaching record highs last year, Bitcoin, Ethereum and most major digital assets have suffered steep losses, wiping more than $2 trillion off the global crypto market and forcing investors to question whether the industry’s long-running boom-and-bust cycle is changing or simply repeating itself.
Unlike many commentaries circulating online, however, the available market data suggests the downturn is not driven by a single event. Instead, it reflects the combined impact of weakening institutional demand, persistent outflows from Bitcoin exchange-traded funds (ETFs), rising global economic uncertainty, geopolitical tensions in the Middle East, higher interest rates and a shift in investor appetite towards artificial intelligence (AI) companies and high-profile technology listings.
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