News: The cryptocurrency market is experiencing a significant downturn, with Bitcoin falling below $8,000 and heading for its worst weekly performance in nearly five years. This sell-off is primarily driven by widespread fears of global regulatory clampdowns, exacerbated by major banks banning credit card purchases of crypto and Facebook's ad ban. The market cap has halved from its January peak, indicating extreme bearish sentiment. Some speculative 'blockchain' companies are also retracting plans, adding to the negative sentiment. Despite some positive long-term infrastructure developments like Google's cable investments and the introduction of Bitcoin futures, the immediate outlook remains heavily bearish due to regulatory uncertainty and market panic.

Market Probabilities: 
Bull 10% | Base 30% | Bear 60%

Recommendations: 
Short-term: SELL
Long-term: HOLD
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