Last week witnessed significant developments in the cryptocurrency world, from the release of Do Kwon to the turmoil in Bitcoin ETFs and Ethereum’s regulatory challenges.
Do Kwon, founder of Terraform Labs, made headlines as a Montenegrin court denied his appeal against extradition to South Korea. However, conflicting opinions emerged, with Montenegro’s prosecutor’s office declaring the extradition and appeal denial illegal. Despite U.S. authorities seeking to appeal the decision, reports later indicated a halt in Do Kwon’s extradition, with him subsequently released from prison on March 23, albeit with his passport confiscated.
Market sentiment remained optimistic despite sustained bearish trends. Bitfinex noted cautiousness among traditional investors entering the market through spot Bitcoin ETFs. The global crypto market experienced a $140 billion loss, with Bitcoin leading the downturn with a 4% decline, ending the week at $65,000. However, industry leaders like Binance CEO Richard Teng expressed optimism, predicting Bitcoin to surpass $80,000. MicroStrategy’s continued BTC acquisitions further bolstered confidence.
Stablecoin supply surged past $150 billion, indicating increased buying power amidst market uncertainty. In a curious turn, new meme coin entrants like SLERF raised significant funds, only to have them “mistakenly” burned.
Spot Bitcoin ETFs saw record outflows totaling $742 million, attributed to Bitcoin’s price drop. The trend continued with consecutive days of outflows, exacerbating an 8% drop in the broader crypto market, resulting in a $220 billion loss. Ethereum faced regulatory scrutiny, with the Ethereum Foundation reportedly under investigation, possibly linked to the pending launch of Ethereum spot ETFs. The U.S. SEC delayed decisions on spot Ethereum ETF filings by VanEck and Grayscale.
Global regulatory activity intensified, with South Korean authorities arresting an altcoin issuer over fraud allegations amounting to $16.1 million. British authorities also apprehended Wen Jian in connection to a $6 billion Chinese scam.
These developments underscored the volatile nature of the cryptocurrency market and the ongoing regulatory challenges facing major players like Ethereum and Bitcoin ETFs. Investors continue to navigate uncertainties amid both bullish and bearish indicators in the crypto space.
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