Crypto Market Update: $100 Billion Loss as Bitcoin Price Struggles Below $64K

The cryptocurrency market experienced a significant setback last week, with a staggering $100 billion loss leading to Bitcoin dropping below the $64,000 mark. Despite several attempts at recovery, Bitcoin struggled to stabilize, reaching a high of $66.5K before sliding back down to $63.4K.

Looking ahead to the upcoming week, there may be continued pressure on the market, with bearish trends potentially hindering any potential recovery. In contrast, Ethereum managed to weather the storm, only losing 1.5% over the past week. This article delves into the key events from the previous week that had a notable impact on the market.

Australia made headlines by welcoming its first spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), a significant player in the country’s stock market. The ETF, launched by VanEck, serves as a ‘feeder fund’ and employs a passive management strategy, providing investors with exposure to Bitcoin through the VanEck Bitcoin Trust (‘HODL’), an ETF listed on the Cboe BZX Exchange in the U.S.

In a surprising turn of events, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into whether Ether should be classified as a security. The SEC’s decision to no longer pursue Ether as a security was unexpected and marked a significant development in the crypto space.

Kraken, a prominent cryptocurrency exchange, found itself embroiled in a bug exploitation incident involving Certik, resulting in a $3 million theft of digital assets. The bug, identified by a security researcher, led to the extraction of funds from two accounts. Despite demands for a reward, CertiK returned the stolen assets to Kraken, clarifying that no genuine user assets were compromised during the incident.

MicroStrategy, a software company listed on the Nasdaq and a major holder of Bitcoin, announced the acquisition of an additional 11,931 BTC for $786 million. With this purchase, MicroStrategy’s total Bitcoin holdings reached 226,331 tokens, solidifying its position as a key player in the crypto market.

Ripple secured a significant legal victory in a class action lawsuit related to XRP, with the California courts dismissing all class action claims against the company. The ruling affirmed XRP’s non-security status and absolved Ripple of allegations of violating federal securities laws through its sales.

In India, Binance, one of the world’s largest cryptocurrency exchanges, faced a $2.2 million fine from the country’s anti-money laundering unit for non-compliance with anti-money laundering regulations while serving Indian clients. This fine underscores the importance of regulatory compliance in the cryptocurrency industry.