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The cryptocurrency market commenced the week with an upswing, driven by positive sentiment stemming from BlackRock's entry into asset tokenization and the initiation of the global central bank easing cycle. Bitcoin and ether experienced gains, while the CoinDesk 20 witnessed an increase of approximately 3.2%. However, Binance faces tax evasion charges from Nigerian authorities, casting a shadow over the market.

Crypto Market Rallies on BlackRock's Tokenization Move and Central Bank Easing

The cryptocurrency market commenced the week with a surge in values, fueled by positive sentiment surrounding BlackRock's entry into the realm of asset tokenization and the initiation of a global easing cycle by central banks.

Bitcoin (BTC), the preeminent digital asset, witnessed a 3% ascent within 24 hours, reaching $67,000. Ether (ETH), the second-largest cryptocurrency, followed suit, climbing 2.3% to surpass $3,400. The CoinDesk 20 (CD20), an index tracking the most liquid cryptocurrencies, experienced a 3.2% increase at the time of writing.

Bradley Park, an analyst at CryptoQuant, attributed these gains to the market's favorable reception of BlackRock's recently established fund targeting blockchain-based assets (BUIDL) on the Ethereum blockchain.

Additional standouts on Monday included Internet Computer (ICP), which surged 20%, Ondo Finance (ONDO), which rose 15%, and Near Protocol (NNEAR), which also appreciated around 15% over 24 hours.

Regulatory Scrutiny Intensifies: Binance Accused of Tax Evasion in Nigeria

Binance, the world's largest cryptocurrency exchange, is embroiled in an escalating standoff with Nigerian authorities over alleged tax evasion. The charges, which extend to two Binance executives currently detained by the government, were filed by the Federal Inland Revenue Service (FIRS) in the Federal High Court in Abuja, according to local media reports.

Binance is accused of four counts of tax evasion, including "non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform."

Spot Bitcoin ETF Flows Dominate Market Sentiment

The cryptocurrency market remains captivated by the dynamics of spot bitcoin exchange-traded funds (ETFs), with less emphasis on underlying fundamentals. Coinbase, in a research report released on Friday, noted that recently approved bitcoin ETFs experienced their first week of net outflows in two months.

Between March 18 and March 21, net outflows totaled $836 million. The exodus contributed to bitcoin's decline below $63,000 last week. Despite a subsequent recovery, bitcoin currently hovers around $66,800.

Coinbase's report acknowledged a lack of clarity regarding the underlying impetus behind the surge in outflows from the Grayscale Bitcoin Trust (GGBTC), which amounted to $1.83 billion over four days.