Bitcoin Market Weekly Recap: MicroStrategy Buys, Ethereum Probe Ends, Stablecoin Spotlight

The Bitcoin market saw a decline below $66,000, driven by factors like miner capitulation, crypto ETF outflows, and reduced stablecoin issuance. Despite the dip, 87% of Bitcoin holders remained profitable. MicroStrategy capitalized on the downturn by purchasing 12,000 additional BTC, adding to their holdings. Zksync launched its airdrop, with over 41% of top addresses selling their allocations. Spot Bitcoin ETF products experienced sustained outflows, totaling over $544 million in five days. Global regulatory developments included South Korea's review of over 600 assets and Fidelity's amended S-1 filings for a spot Ethereum ETF. Binance faced regulatory hurdles in North Dakota and India. The U.S. SEC closed its investigation on Ethereum, but Consensys continues its battle regarding MetaMask functionalities. Stablecoins took center stage, with Tether announcing a gold-backed asset and Uphold discontinuing support for USDT. MiCA's stablecoin regulations loom, driving the spotlight on stablecoins.