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  • Crypto Week: BTC Recovery to $70,000, Capital Outflows and New Crypto Victim for the U.S.

Crypto Week: BTC Recovery to $70,000, Capital Outflows and New Crypto Victim for the U.S.

Bitcoin (BTC) has seen a robust 5.5% increase to $70,000 this week, albeit slightly retracing from its peak of $71,637 on Tuesday. While a solid breakthrough of the $70,000 resistance could pave the way for further gains up to $78,000-80,000 per coin, the leading cryptocurrency appears hesitant to reach those levels at the moment.

One notable catalyst for Bitcoin's surge was the announcement that the London Stock Exchange (LSE) will introduce a marketplace for bitcoin and ether exchange-traded notes (ETNs) starting May 28. Applications for trading these crypto ETNs will be accepted from April 8, with a notably short deadline. It seems institutional players are prepared for this development and will swiftly file their applications. However, these ETNs will not be accessible to retail investors, potentially increasing the cost of cryptocurrency investments for them.

While this news is positive, it may not be sufficient to propel Bitcoin significantly above $70,000, especially considering the deteriorating conditions in the crypto market. Three major spot Bitcoin ETFs experienced net capital outflows last week, with Grayscale's GBTC alone losing $2.0 billion. Profit-taking exacerbated the situation, with Bitcoin briefly dipping to $60,817 per coin on March 20 before recovering following the Federal Reserve's reaffirmation of its dovish stance.

Another significant development is the report of the U.S. Securities and Exchange Commission (SEC) imposing a $1.9 billion fine on Ripple. Once this fine is settled, the XRP token may have the opportunity to recover from the losses incurred during the SEC's prolonged scrutiny of the company in 2023 and 2023.

However, the potential launch of spot Bitcoin ETFs in Hong Kong is offset by allegations against KuCoin, including money laundering, by the United States Southern District of New York (SDNY) prosecutors and the Commodity Futures Trading Commission (CFTC). Following Binance's recent $4.3 billion fine and suspension of activities in the Philippines, KuCoin could be the next target of U.S. authorities, indicating ongoing regulatory challenges in the cryptocurrency industry.