The cryptocurrency market faced a significant $100 billion loss last week, with Bitcoin plummeting below $64,000. Despite multiple attempts to recover, Bitcoin struggled to regain stability, reaching $66.5K before dropping to $63.4K.

The upcoming week may see continued pressure, with bearish trends potentially halting any recovery. Meanwhile, positive market developments and regulatory news helped Ethereum lose only 1.5% last week.

Key Events from the Past Week

Australia Welcomes First Spot Bitcoin ETF

The Australian Securities Exchange (ASX) approved its first spot-bitcoin exchange-traded fund (ETF), allowing investors to invest in Bitcoin through the VanEck Bitcoin Trust.

SEC Ends Ether Security Investigation

The U.S. Securities and Exchange Commission (SEC) concluded its investigation into whether Ether is a security, no longer claiming it is a security.

Kraken Bug Exploited Researcher Demands Reward for $3 Million Theft

Kraken revealed that CertiK exploited a bug to hold onto $3 million in digital assets. The researcher demanded a reward for identifying and using the flaw, and CertiK returned the $3 million in digital assets to Kraken.

MicroStrategy Buys Additional 11,931 BTC

MicroStrategy, the largest corporate Bitcoin holder, bought an additional 11,931 BTC for $786 million, increasing its total to 226,331 tokens.

Ripple Wins Partial Victory in Court

The California courts handed Ripple a significant procedural victory in a class action lawsuit concerning XRP, clearing Ripple of allegations of violating federal securities laws with its sales.

Binance Fined $2.2M for AML Violations in India

India’s anti-money laundering unit fined Binance $2.2 million for providing services to Indian clients without complying with the country’s anti-money laundering regulations.

These key events significantly influenced the market, with Bitcoin struggling to regain stability and Ethereum losing only 1.5% last week. The upcoming week may see continued pressure, with bearish trends potentially halting any recovery.