Bitcoin ( BTC-USD ) has been attempting to reclaim $30K, following a bout of market correction last week. The top cryptocurrency is on track to end the week more than 7% higher, while ether ( ETH-USD ) is set for an over 2% weekly gain. Renewed banking woes propped up bitcoin ( BTC-USD ) this week as market participants sought alternative assets in anticipation of First Republic Bank ( FRC ) imminent takeover by authorities. "The crypto market is struggling for a fresh catalyst as the banking crisis looks like it might end with First Republic ( FRC )," said Edward Moya, senior market analyst, OANDA. "The Fed will protect the banks and that should mean the recent trend of crypto strength on banking woes is coming to an end. Traders remain in wait-and-see mode over U.S. crypto regulation." Bitcoin ( BTC-USD ) traded in the range of $27.07K-$29.99K, but selling pressures kept the crypto firmly under $30K. Ether ( ETH-USD ) traded under $2K throughout the week, giving up the gains it saw after its network's Shanghai upgrade, trading in the range of $1.79K-$1.96K. The overall crypto market cap totaled $1.21T, down 0.9% over Thursday, CoinMarketCap data showed. Regulatory concerns continued in the industry, with the "hostile" regulatory climate in the U.S. pushing Binance.US to scrap its $1B deal to buy Voyager Digital's ( OTCPK:VYGVQ ) assets. Coinbase ( COIN ) filed an action in court to compel the SEC to respond with a "yes" or "no" to its July 2022 petition asking it to use its formal rulemaking process for the crypto industry. Counsel for disgraced Terraform Labs cofounder Do Hyeong Kwon sought the dismissal of the SEC's charges against him, arguing that TerraUSD ( UST-USD ) doesn't fall under its purview as it is a currency, not a security . Terraform's other cofounder Daniel Shin was indicted by South Korea . Meanwhile, Ark Invest's Cathie Wood and 21Shares are continuing their pursuit of the first spot bitcoin ( BTC-USD ) ETF in the U.S. and refiled an application with the SEC for the same. This marks the third filing after the first two were shot down. Notable News Mastercard ( MA ) eyes partnering with more crypto-related firms to expand its crypto-linked payment cards program , despite increased regulatory scrutiny. Miami International, owner of Miami International Securities Exchange, will acquire LedgerX , one of the few solvent parts of Sam Bankman-Fried's former empire. Ripple sold $361.1M worth of XRP ( XRP-USD ) during Q1 vs. $226.3M in Q4 2022. The sales were in connection with Ripple's on-demand liquidity product. Bitcoin, Ether Prices Bitcoin ( BTC-USD ) dipped 0.7% to $29.41K at 6.15 pm ET and ether ( ETH-USD ) was 0.9% lower at $1.90K. Standard Chartered believes bitcoin ( BTC-USD ) could reach $100K by 2024-end as it believes the crypto winter is over. The potential rally could be driven by the recent banking turmoil and a "gradually improving" macroeconomic backdrop for risky/alternative assets. More on Crypto Grayscale Bitcoin Trust: Underappreciated Opportunity Monero: An Ideal Long-Term Opportunity In Digital Assets? Bitcoin Miners Are Flying, But Where Is Hut 8 Going? Sell Bitcoin In May & Go Away (Until It Crosses This Moving Avg)
