(Bloomberg) -- 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.

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The original cryptocurrency traded near $58,500 after losing 13.1% in the seven days through Sunday, the most since the period of FTX’s bankruptcy. Smaller tokens such as Ether and meme-crowd favorite Dogecoin also nursed losses.

US equity futures sank early Monday, reflecting concerns about the growth outlook in the world’s biggest economy and weakness in giant technology stocks amid questions over whether artificial intelligence hype has gone too far. Geopolitical tension is rising in the Middle East, adding to investor skittishness.

Bitcoin exchange-traded funds in the US suffered their largest outflows in about three months on Aug. 2. The digital asset has also tumbled through its 200-day moving average price.

The latter technical chart pattern “opens the way for a deeper pullback” toward $54,000, Tony Sycamore, market analyst at IG Australia Pty, wrote in a note.

Bitcoin has been buffeted by a range of factors since hitting a record of $73,798 in March, including shifting political fortunes in the US as pro-crypto Republican Donald Trump and Democratic opponent Vice President Kamala Harris — who has yet to detail a digital-asset policy stance — lock horns in the presidential race.

Also hanging over the market are possible sales of Bitcoin seized by governments and the risk of a supply overhang from tokens returned to creditors through bankruptcy proceedings.

Bond traders have amplified bets on US interest-rate cuts beginning in September to support economic expansion. The recent upheaval in traditional markets “increases the likelihood of less restrictive monetary policy coming sooner rather than later — a good thing for crypto,” argued Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC.

Bitcoin’s year-to-date advance has moderated to approximately 34%, compared with a 19% climb in gold and a 9% jump in a gauge of global stocks.

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