Ethereum

Richard

Bitcoin

Spot

<p class="is-style-lead">Last week, Terraform Labs founder Do Kwon grabbed headlines while spot Bitcoin ETFs witnessed a bearish turn. Meanwhile, Ethereum continues to come under regulatory scrutiny.</p> 
<h2 class="wp-block-heading" id="do-kwon-released-from-prison">Do Kwon released from prison</h2> 
<ul> 
 <li>A court in Montenegro <a href="https://crypto.news/do-kwon-south-korea-extradition-montenegro/">denied</a> Do Kwon’s appeal against his extradition to South Korea.&nbsp;</li> 
</ul> 
<ul> 
 <li>However, Montenegro’s office of the prosecutor <a href="https://crypto.news/do-kwon-montenegro-extradition/">voiced</a> against the development, asserting that Do Kwon’s extradition to South Korea and the subsequent denial of his appeal are illegal. U.S. authorities are also looking to appeal the extradition decision.</li> 
</ul> 
<ul> 
 <li>Shortly after the remarks, reports suggested that Do Kwon’s extradition would be halted. This decision comes amid <a href="https://crypto.news/do-kwon-montenegro-prison-release-extradition/">plans</a> to release the Terra founder from prison, as he finishes his sentencing for possession of illegal documents.</li> 
</ul> 
<ul> 
 <li>On March 23, crypto.news <a href="https://crypto.news/do-kwon-released-montenegro-prison-terra-luna-surges/">confirmed</a> that Do Kwon had been released from prison. Nonetheless, authorities have confiscated his passport as a security measure to keep him in the country.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="investors-remain-optimistic-despite-market-turbulence">Investors remain optimistic despite market turbulence&nbsp;</h2> 
<ul> 
 <li>The bearishness of the previous week extended to this week, with the market witnessing sustained bearish consolidation. Bitfinex <a href="https://crypto.news/bitcoins-retreat-from-70k-sparks-concerns-among-tradfi-investors-bitfinex-notes/">stressed</a> that traditional investors, most of whom got into the market through the spot Bitcoin ETFs, are exercising caution.</li> 
</ul> 
<ul> 
 <li>The global cryptocurrency market cap lost $140 billion this week, as Bitcoin championed the drop with a 4% price decline this week. The leading crypto asset ended the week at the $65,000 price level.&nbsp;</li> 
</ul> 
<ul> 
 <li>Despite the bearishness, industry leaders remained optimistic. Binance CEO Richard Teng <a href="https://crypto.news/binance-ceo-sees-bitcoin-soaring-above-80k-as-demand-continues-to-come/">forecasted</a> Bitcoin to breach the $80,000 threshold. In addition, MicroStrategy <a href="https://crypto.news/bitcoin-microstrategy-ownership-total-supply/">revealed</a> on March 19 that it had procured 9,245 more BTC, demonstrating its optimism in the asset.</li> 
</ul> 
<ul> 
 <li>Meanwhile, the cryptocurrency market witnessed substantial growth in stablecoin supply, with the total stablecoin market <a href="https://crypto.news/stablecoin-market-cap-record/">crossing</a> the $150 billion mark. This represented an increase in buying power, as market participants prepared to procure more tokens amid the market downturn.</li> 
</ul> 
<ul> 
 <li>Interestingly, the meme coin market witnessed new entrants, as investors looked to leverage the ongoing mania. SLERF, a new Solana-based meme token, quickly raised $10 million in pre-sale, but the developer “mistakenly” <a href="https://crypto.news/slerf-creator-burns-10m-raised-from-investors-due-to-mindless-misclick/">burned</a> it all.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="spot-bitcoin-etfs-see-record-outflows">Spot Bitcoin ETFs see record outflows</h2> 
<ul> 
 <li>Crypto.news <a href="https://crypto.news/crypto-fund-inflows-hit-new-record-reaching-2-9b-in-week/">reported</a> on March 18 that spot Bitcoin ETFs saw $2.9 billion in inflows last week, marking a new record.&nbsp;</li> 
</ul> 
<ul> 
 <li>However, things took a turn for the worse this week as Bitcoin continued to drop. Data from Bloomberg <a href="https://crypto.news/bitcoin-etf-record-outflows/">showed</a> that spot Bitcoin ETFs witnessed outflows totaling $742 million from March 18 to 20.&nbsp;</li> 
</ul> 
<ul> 
 <li>The spot Bitcoin ETFs <a href="https://crypto.news/bitcoin-etfs-shed-94m-on-fourth-day-of-net-outflows/">saw</a> another outflow of $93.8 million on March 21, representing the fourth consecutive day of losses. These products <a href="https://crypto.news/bitcoin-etfs-see-a-fifth-consecutive-day-of-net-outflow/">recorded</a> $51 million in outflows on March 22, marking the first time they saw consecutive intraday outflows in a week.&nbsp;</li> 
</ul> 
<ul> 
 <li>Significantly, the broader crypto market <a href="https://crypto.news/crypto-market-slumps-8-as-bitcoin-etf-outflows-exceed-836m-but-theres-a-catch/">dropped</a> by 8% as of March 23 on the back of these outflows, with the global crypto market cap losing $220 billion. Moreover, data confirmed that these outflows had surged above $836 million.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="ethereum-faces-regulatory-scrutiny">Ethereum faces regulatory scrutiny</h2> 
<ul> 
 <li>According to a <a href="https://crypto.news/ethereum-investigated-state-authority/">report</a> on March 20, the Ethereum Foundation was reportedly being investigated by a so-called “state authority” but details remain scant.&nbsp;X users assume that the alleged investigation may be related to the pending launch of Ethereum spot ETFs.</li> 
</ul> 
<ul> 
 <li>Amid this, the U.S. SEC continued to push back a decision on the spot Ethereum ETFs, <a href="https://crypto.news/sec-delays-decision-on-vaneck-ethereum-etf/">postponing</a> the deadline for VanEck’s filing to May 23. The SEC also <a href="https://crypto.news/grayscale-ethereum-etf-decision-postponed-again-sec/">pushed back</a> a decision on Grayscale’s filing to May 30.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="global-regulatory-affairs">Global regulatory affairs&nbsp;</h2> 
<ul> 
 <li>Meanwhile, this week saw a resurgence of global regulatory affairs and enforcement actions. In South Korea, authorities <a href="https://crypto.news/korean-altcoin-issuer-detained-over-16-1m-fraud-allegations/">arrested</a> the issuer of an altcoin on March 19 over allegations of fraud to the tune of $16.1 million.</li> 
 <li>On March 20, reports confirmed that British authorities had also <a href="https://crypto.news/bitcoin-fraud-london-guilty-6-billion/">arrested</a> Wen Jian, a British citizen, in connection to a $6 billion Chinese scam.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/treat-crypto-like-gambling-tips-for-compliant-promotions-in-the-uk-opinion/"> Treat crypto like gambling: Tips for compliant promotions in the UK </a> </p>

Do Kwon released, spot Bitcoin ETFs hit record outflows, Ethereum regulatory issues | Weekly Recap

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