Bitcoin ( BTC-USD ) is set to end the week ~10% lower, while ether ( ETH-USD ) is on track for ~12% weekly loss amid broader correction in the cryptocurrency market. "While our view has been that the Shanghai upgrade is actually constructive for ETH's price, we noticed on Monday that sentiment had become exuberant, and the risk of a correction had increased significantly," said Markus Thielen, head of research, Matrixport. The top crypto steadily declined from the $31K level seen last week to $27.18K on Friday, its lowest in nearly a month. Ether ( ETH-USD ) also slid from as high as $2.14K earlier this week to ~$1.84K on Friday. "BTC losing level after level, while open interest kept running upwards," Michaël van de Poppe, CEO of trading firm Eight, tweeted . "Next area for potential bounce plays; $26.6K-$26.9K to $28.7K." The overall crypto market cap totaled $1.15T, down 3.4% over Thursday, CoinMarketCap data showed. In the backdrop of regulatory uncertainty, Coinbase ( COIN ) CEO Brian Armstrong said the firm would consider relocating outside the U.S. Meanwhile, Coinbase ( COIN ) continues expanding globally, securing a license to operate as an exchange in Bermuda. It is also in talks with Abu Dhabi Global Market's Financial Services Regulatory Authority for a potential license. Bittrex was the latest target of regulatory crackdown in the sector, with the SEC charging the crypto exchange for not registering its platform. It alleged that Bittrex coordinated with crypto issuers to delete "problematic statements" that could have led to regulatory scrutiny before the asset was listed. Montenegrin prosecutors filed an indictment proposal for Terraform Labs cofounder Do Kwon, accusing him of forging personal documents. SEC Chair Gary Gensler defended efforts to regulate the sector at a House hearing, saying nothing about crypto markets is incompatible with securities laws. Notable News Ontario Teachers' Pension Plan will stay away from the crypto space after writing off its entire $95M stake in failed crypto exchange FTX ( FTT-USD ). Banks runs by depositors across sectors led to the collapse of Signature Bank, not just crypto clients, the head of New York state's financial regulator said at a hearing on stablecoins. Bitcoin, Ether Prices Bitcoin ( BTC-USD ) fell 3.2% to $27.33K at 7.22 pm ET and ether ( ETH-USD ) was 4.7% lower at $1.85K. SA author Kevin George said the weekly ups and downs of bitcoin ( BTC-USD ) are speculative . "Investors should see that regulation is there to support, but also stifle the industry's growth. In my opinion, BTC has lost its unique selling point and is now only used for trading." More on Crypto Bitcoin retreats for third straight day, sitting on key support level It's Been A Bad Week For Bitcoin What's Next For Ethereum After Its Shapella Upgrade? The Flight To Crypto Quality: Risk Management At Center Stage
$285 Million in Bitcoin Shorts Wiped Out
