New Delhi, Oct. 17 -- The global cryptocurrency market has experienced a sharp downturn, wiping billions of dollars in investor wealth. According to CoinGecko data, the market's total value has plunged by over $600 billion in just a week, marking one of the steepest declines in recent months.

Bitcoin, the largest cryptocurrency, fell 4% to $103,550 on Friday morning, hitting its lowest level since June after reaching a peak of $126,000 in early October. Other major tokens also suffered heavy losses, with Ethereum slipping under $3,700 on Friday. The Binance-linked coin, the world's fourth-largest cryptocurrency, slumped nearly 11% on the same day, according to Bloomberg.

FxPro chief market analyst Alex Kuptsikevich described Friday's dr...