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Bitcoin (btc) rose 13% to reclaim the $70,000 level this week despite intensified regulatory pressure on exchanges like Coinbase and KuCoin, as well as a historic jail sentence for FTX founder Sam Bankman-Fried.
Bitcoin price surged 13% this week, as global crypto market capitalization grew by $265 billion
This week, crypto markets have seen a positive turnaround after recovering from the shockwaves caused by the $800 million outflows from Bitcoin ETFs the previous week.
Bitcoin price hit a high of $71,726 for the week, marking a 13% increase, according to data from TradingView.
Bitcoin (BTC) Price Action | March 23 โ March 29, 2024 | Source: TradingView
The main bullish catalysts of the increased demand for ETFs, as well as Bitcoin miners, cooled the selling pressure and opted to accumulate their participation before the halving.
As for the broader crypto market, the bulls asserted their dominance throughout the week.
Crypto Market 7-Day Chart | March 2024 | Source: Coingecko
At the beginning of the week of March 24, the global crypto market capitalization was $2.5 trillion. But, at the time of writing on Friday, March 29, the valuation of the crypto sector has surpassed $2.78 trillion, according to data from Coingecko.
Indeed, the capitalization of the global crypto market grew by $265 billion between March 23 and 29.
Other major coins like Ethereum (ETH), Binance Coin (BNB) and Dogecoin (DOGE), Litecoin (LTC) appeared on the top gainer lists as they reported weekly gains of 8.11%, 6.15%, 44, 7% and 25.3%. , respectively (as of March 29).
Regulators put pressure on Kucoin and Coinbase this week
Price action aside, this week has seen numerous legal and regulatory developments impacting the cryptocurrency sector.
Popular digital asset exchange KuCoin found itself at the epicenter of investor anxiety, as evidenced by withdrawals of over $1 billion in just 24 hours.
This mass exodus was triggered amid an escalation of legal action by US authorities, after federal prosecutors on Tuesday accused the exchange and two of its founders of violating anti-money laundering laws.
Bitcoin (BTC) Price Forecast | Source: CCdatos
KuCoin wasn't the only exchange to come under regulatory scrutiny this week, with the SEC scoring a significant victory in its ongoing lawsuit against Coinbase.
The regulator, which first filed its lawsuit in June 2023, alleged that Coinbase has been operating as an unregistered broker and exchange, and the regulatory body seeks to ban the company from continuing such activities permanently.
The UK's Financial Conduct Authority (FCA) has been similarly assertive, clarifying that social media influencers who engage with cryptocurrency-related content could be subject to financial promotion rules.
This indicates a broader interpretation of what constitutes financial advice and marketing, especially those proliferating through social media channels, which have become influential in shaping investor behavior.
This article was originally published on FX Empire
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