While a measure of Bitcoin’s volatility hit FTX-collapse levels on Monday, a decline in leveraged Bitcoin bets wasn’t as severe.

Bitcoin is having its worst week since the 2022 collapse of Sam Bankman Fried’s FTX cryptocurrency exchange amid a larger correction across all markets.

Bitcoin slumped over 10 per cent at one point before paring some losses to trade at $54,333 on August 5. The cryptocurrency has shed 13.1 per cent over the past seven days — its worst week since the FTX collapse in 2022.

Shutterstock Bitcoin is under pressure from a bout of risk aversion in global markets that saddled the largest digital asset with its heftiest weekly loss since the collapse of the FTX exchange in 2022.

Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more than 16% and saddling second-ranked Ether with the steepest fall since the collapse of FTX in 2022.