BTC Price Drops Below $60,000, SEC Names New Crypto Target, Durov Arrested: This Week’s Roundup

Many can change in the cryptocurrency markets during the period of the week. That’s what happened to bitcoin and most altcoins since last Friday, when BTC soared from around $60,000 to over $64,000 on Saturday following the bullish move on American soil. Namely, Fed Chairman Jerome Powell hinted at incoming interest rate cuts and RFK endorsed pro-crypto presidential candidate Donald Trump and withdrew his campaign.

The weekend for bitcoin was quiet despite turbulence elsewhere in the crypto market following the arrest of Pavel Durov, the founder and CEO of Telegram. TON fell more than 20% in hours after the news, but we’ll talk about that later.

BTC continued its run on Monday morning, breaking above $65,000 for the first time in over three weeks. However, this was short-lived as the asset’s problems were just beginning. By Wednesday afternoon, it had lost more than seven thousand in value and was below $58,000 for the first time in weeks.

The bulls tried to regain some ground on Thursday, which led to a rise to $61,200, but this was their best chance. BTC has pulled back again and is now struggling below $60,000 despite some bullish signs.

Its market capitalization has shrunk to $1.18 trillion, but its dominance over the highs remains around 54%. Speaking of altcoins, most of them are in the red on a weekly basis.

ETH is down over 5%, BNB has lost 7.5% of value and XRP is 6% in the red. Toncoin, as mentioned above, is the biggest weekly loser, having dropped 17% since last Friday.

Market data

Market Cap: $2,193 | 24 Hour Flight: $85 Million | BTC Domain: 53.8%

BTC: $59,615 (-2.75%) | ETH: $2,520 (-5.5%) | BNB: $535 (-7.5%)

Weekly Cryptocurrency Market Overview. Source: QuantifyCrypto This week’s Crypto News you can’t miss

BlackRock’s Spot Bitcoin ETF Sees First Day of Exits in Almost 4 Months. After seeing only positive or no flows for nearly four months, BlackRock’s IBIT streak was snapped on Thursday. The financial vehicle received withdrawals of just over $13 million along with most other Bitcoin ETFs.

Elon Musk Wins Dismissal of $258 Billion Dogecoin Manipulation Lawsuit. Elon Musk and Tesla won a major court victory against a number of investors who had alleged that the executive and the electric vehicle company he runs knowingly manipulated the price of DOGE for personal gain. However, US District Judge Alvin Hellenstein ruled in favor of Musk and Tesla.

TON Events: Network faces repeated outages amid DOGS hype, update on Durov arrest. The arrest of Pavel Durov was just part of the problems that plagued the Telegram-backed crypto project. TON’s network was scaled down twice in less than 36 hours due to high demand for the newly launched meme coin DOGS.

Long-term holders of Bitcoin saw the capitalization surpass $10 billion for the first time. The realized capitalization of long-term holders of Bitcoin (LTH) marked a significant milestone earlier this week, as it hit an all-time high by surpassing $10 billion. This metric is particularly important as it demonstrates the behavior of investors who hold the asset for more than 155 days.

SEC’s next crypto target: Regulator goes after NFT platform OpenSea. The US Securities and Exchange Commission continued its crusade against cryptocurrency-related companies this week. Wells sent an official notice against OpenSea, claiming that the platform’s NFTs could be unregistered securities. The company’s chief executive said his team was “shocked” by the regulator’s actions.

Why was Pavel Durov arrested? Details emerge. According to local French media, Durov was detained at Le Bourget airport on Saturday after stepping off his private jet. Details were scarce at first, but updates that were released later indicated that there was an open judicial investigation against “an unnamed individual” on charges including organized fraud, money laundering and the sale of narcotics via Telegram.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for the full price analysis.

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