This week in crypto, the market recorded several significant developments, ranging from a crucial deadline within the Pi Network ecosystem to landmark breaks in Ripple’s longstanding legal battle.

Here is a roundup of crucial developments that happened this week but will continue shaping the sector.

Pi Network KYC Deadline Ends

One of the biggest developments this week in crypto was the end of the KYC (Know Your Customer) verification deadline for Pi Network users. The controversial blockchain-based project, which has gained millions of users mining its PI token through a mobile app, required members to complete KYC to migrate their tokens to the mainnet.

However, many users failed to meet the deadline, resulting in large sums of PI tokens being lost or frozen. This has sparked frustration among the Pi Network community. Some claimed the verification process was too complex or inaccessible in certain regions.

This week, another key highlight for the Pi Network ecosystem was users alleging Bot activity on CoinMarketCap.  As BeInCrypto reported, Pi Network’s community sentiment poll on CoinMarketCap dropped 90% daily, leading to allegations of bot sabotage.

“It looks like somebody is using bots to vote against PI. I am 99% sure this is not an organic poll. Over 1.94 Million votes is even bigger than the BTC vote. 77% of the PI community is bullish on CoinGecko. Why is it so different on CoinMarketCap?” a Pioneer asked on social media.

Despite claims, there was no concrete proof to support bot involvement. However, the PI community’s history of vote brigading added credence to the suspicion.

Unmoved, Pi Network proceeded to roll out .pi domains, providing unique digital identities within its blockchain ecosystem. Bidding with Pi cryptocurrency started on March 14 and will remain open until June 28 for users looking to secure personalized .pi domains.

SEC Drops Lawsuit Against Ripple

In another major win this week in crypto, the US SEC (Securities and Exchange Commission) dropped its lawsuit against Ripple. The long-running legal battle, which began in 2020, pursued Ripple on allegations of selling XRP as an unregistered security.

While Ripple had already secured partial legal victories in the past, the SEC’s decision to fully drop the lawsuit marks a significant victory for XRP and the broader crypto industry.

The XRP price surged almost 15% in the immediate aftermath of the news, which presented a turning point for crypto regulation in the US. As of this writing, XRP was trading for $2.41, down almost 4% in the last 24 hours.

Amidst this win, crypto market participants are optimistic about a potential XRP ETF (exchange-traded fund) in the US.  

Darknet Vendors Turn to DeFi for Money Laundering

Elsewhere, a concerning trend emerged this week in crypto. Reports indicated that darknet market vendors increasingly turn to decentralized finance (DeFi) platforms for laundering illicit funds.

Traditionally, criminals relied on privacy coins like Monero (XMR) and centralized exchanges (CEXs) to cash out their profits. However, with authorities cracking down on these methods, criminals are exploiting DeFi protocols for automated money laundering.

Reports indicate that darknet operators use decentralized exchanges (DEXs), bridges, and liquidity pools. These help them obfuscate transactions and move funds across different blockchains.

This presents new challenges for regulators, as DeFi platforms operate without intermediaries. It makes enforcement efforts more difficult.

The shift highlights the ongoing cat-and-mouse game between criminals and regulators in the crypto space. Experts believe enhanced blockchain analytics and improved smart contract monitoring will be crucial to addressing these concerns.

Trump’s Digital Asset Summit Speech

More recently, this week in crypto, President Donald Trump attended the Digital Asset Summit, though remotely. In the broadcast appearance, Trump revealed big plans for stablecoin adoption in the US. His remarks signaled a pro-crypto stance, suggesting that stablecoins could play a key role in the future of the country’s financial system.

“With the dollar-backed stablecoins, you [the community] will help expand the dominance of the US dollar for many, many years to come. It’ll be at the top, and that’s where we want to keep it,” he said in the pre-recorded broadcast.

He emphasized that the US must adopt digital assets rather than fall behind competitors like China and the European Union.

This speech aligns with growing stablecoin regulatory clarity in the US, where banks can now custody these digital assets. However, new challenges emerge as transparency impedes the mass adoption of stablecoin payments.

On the lighter side, this week in crypto, the Binance exchange hosted a community vote to decide whether to list two new meme coins: Mubarak and Broccoli. This move comes as meme coins continue to dominate retail investor interest.

While some criticize meme coins for their speculative nature, others argue that they drive engagement and adoption. Binance’s decision to involve its community in listing choices highlights the growing power of decentralized decision-making in crypto exchanges.

This week’s crypto developments reflect the industry’s growth—from legal victories and regulatory challenges to user inclusion in centralized exchange decisions.

Many analysts predicted an increase in Bitcoin in this cycle to levels higher than $200,000. However, the fall of cryptocurrency at the end of February — March 2025 forced market participants to revise their forecasts

BeInCrypto Russia team interviewed Gracy Chen, the CEO of Bitget. She revealed that Bitcoin (BTC) still has the strength to surge beyond the $200,000 milestone.

US Government Might Start Buying Bitcoin Soon – Bitget CEO

Chen drew attention to the fact that many were puzzled by the fall of Bitcoin against the background of the pro-crypt rhetoric of the current US President, Donald Trump. She noted that in America, they began to realize the idea of forming a strategic Bitcoin reserve.

“So far, the government is not purchasing BTC, but this may change soon. Such a step will give cryptocurrency institutional legitimacy and give long-term price support,” Chen told BeInCrypto.

Meanwhile, Chen drew attention to a bill progressing in Congress on stablecoins. In her opinion, the initiative signals a serious transition to a financial system based on blockchain.

“Some major players, including Elon Musk, are considering issuing their own stablecoins, and Trump’s team sees stablecoins as a way to strengthen the dollar’s status as the global reserve currency,” Chen further explained.

She also discussed the US economy’s situation. America’s Minister of Finance, Scott Bessent, hinted at a controlled economic downturn. If this is true, the expert is sure that Trump’s strategy is clear: blame Biden for the recession, use tariffs and crypto narratives to contain costs and seek to reduce interest rates to stimulate the growth of technology and AI.

“Short-term pain for long-term gain—that’s the plan,” Chen stated.

Since Bitcoin’s position largely depends on macroeconomics, investors have to monitor Trump’s actions.

“Regardless, I don’t see BTC below $70,000, rather $73-78,000, which is a good entry point for those who are hesitant. Within the next 1-2 years, BTC at $200,000 no longer seems impossible,” Chen concluded.

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A prominent crypto analyst said that Bitcoin went through a significant event over the past few months as the coin’s open interest plummeted by nearly 20%, wiping out around $12 billion.

BTC’s open interest wipeout might appear to be detrimental to the coin, but CryptoQuant analyst DarkFost believes that the cleansing is essential for a “bullish continuation”, citing that it may provide opportunities for its investors in the near term if history repeats itself.

Bitcoin’s nearly $12 billion open interest shakeout earlier this month might be just the catalyst needed for the asset to regain its upward momentum, according to a crypto analyst.

A Catalyst

Data from CoinGlass shows that the firstborn crypto’s open interest dropped by 19%, from $61.42 billion to $49.71 billion, citing that the $12-billion shakeout might be a good thing for Bitcoin.

“Following the recent panic triggered by political instability linked to Trump’s decisions, we witnessed a massive liquidation of leveraged positions on Bitcoin,” DarkFost said.

Source: Coinglass

The analyst said more than $10 billion in open interest has been erased in only two months, with an estimated $10 billion wiped out between February 20 and March 4.

DarkFost claimed that the wipeout experienced by BTC earlier this month could serve as the catalyst needed by the coin to regain the momentum that will allow the crypto to move upward. 

“This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation,” the analyst explained.

Good Opportunities

DarkFost suggested that the recent ordeal faced by Bitcoin might prove to be advantageous to the crypto in the next few months.

The analyst provided a chart that shows the reset phases by determining the moments when the 90-day open interest change turns negative, adding that the current 90-day change in Bitcoin futures open interest plummeted and is now sitting at -14%.

“Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term,” the analyst added.

Influence Of The Federal Reserve

Some experts said that the Federal Reserve’s actions might have an impact on what will happen next to Bitcoin.

Today’s meeting of the Federal Open Market Committee could add more volatility to the crypto if there is something unexpected in the monetary policy.

Bitget chief analyst Ryan Lee explained that Bitcoin is already hovering at the $80,000 level and more volatility might be expected in the coin’s price and open interest if the March 19 Federal Open Market Committee meeting delivers any surprises.

“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” Lee said. 

As of press time, Bitcoin’s open interest stood at $49.02 billion, which is approximately a 6.5% increase over the past five days.

Featured image from The Independent, chart from TradingView

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