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Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Week's Crypto Review
The past seven days have been a pretty exciting week in the cryptocurrency space, although some of the events weren't particularly positive. However, the market was able to stabilize and consolidate, gaining around $14 billion in the process. Let's dive in. On March 27, the United States Commodities and Futures Trading Commission (CFTC) slapped Binance – the world’s leading cryptocurrency exchange – with a lawsuit. The 74-page complaint also included its CEO, Changpeng Zhao, and outlined several allegations, including neglecting to implement controls that would prevent illicit finance. The complaint goes on and on, and you can see some of the...
Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Week's Crypto Review
The past seven days have been a pretty exciting week in the cryptocurrency space, although some of the events weren't particularly positive. However, the market was able to stabilize and consolidate, gaining around $14 billion in the process. Let's dive in.
On March 27, the United States Commodities and Futures Trading Commission (CFTC) slapped Binance – the world’s leading cryptocurrency exchange – with a lawsuit. The 74-page complaint also included its CEO, Changpeng Zhao, and outlined several allegations, including neglecting to implement controls that would prevent illicit finance.
The complaint goes on and on, and you can find some of the details here. However, it is worth noting that the price of Bitcoin almost immediately fell by around $1400 as soon as the news broke. This also dragged the entire market into the mud, quickly wiping billions off the total capitalization.
Fortunately, things appear to have calmed down and at the time of writing, BTC is trading around where it was before the lawsuit. The same applies to Ethereum. However, some of the other leading altcoins such as BNB, DOGE, MATIC and SOL are all trading in the red.
The most obvious outlier, and the cryptocurrency that has performed best over the last seven days (at least in the top 20), is XRP. It absolutely dominated markets during the week, rising a whopping 20% at a time when most others are struggling to trade in the green.
It will be interesting to see if XRP will continue its rally or if a deeper correction is on the horizon. However, the week also brought bad news from other fronts. Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, is seeking more money in his budget to continue cracking down on the industry he calls the "Wild West."
US POTUS Joe Biden also admitted that the banking crisis in the country may not be over yet, so it will be exciting to see how the markets will perform in these turbulent and always volatile times.
Market data
Market capitalization: $1,234t | 24-hour band: $54 billion | BTC Dominance: 44.6%
BTC: $28,463 (+0.1%) | ETH: $1,839 (+0.8%) | BNB: $319 (-3.6%)
This week's crypto headlines you can't miss
MicroStrategy repaid a $205 million loan to Silvergate and purchased an additional 6,500 BTC.The world's largest business holder of BTC has once again purchased a significant number of Bitcoins after spending almost three months on the sidelines. Additionally, MicroStrategy also repaid a BTC-collateralized loan at a significant discount.
Silicon Valley Bank has a new owner: Resumes work today.The troubled financial institution – Silicon Valley Bank – has a new owner. Its offices opened earlier this week – March 27th. The bank is now owned by First Citizens BancShares.
Gary Gensler wants more SEC funding to crack down on “Wild West” crypto.SEC Chairman Gary Gensler has every intention of continuing his crackdown on the cryptocurrency industry. In fact, he is seeking additional funding for his budget to continue what he calls “Wild West” cryptography.
The US banking crisis is not over yet: Joe Biden.The President of the United States – Joe Biden – has admitted that the banking crisis in the country is not yet over. However, he said his administration "did what we had to do in the executive branch," adding that he was confident about how things were "settling down."
What are Binance and CZ accused of? A closer look at the CFTC filing.The US Commodities and Futures Trading Commission filed a lawsuit against the world's leading exchange Binance and its CEO Changpeng Zhao. We take a closer look at the complaint and point out some of the allegations.
SBF pays its legal fees with Alameda's money: report.As if the revelations surrounding Sam Bankman-Fried and his now-defunct crypto exchange FTX weren't enough, it also turns out that SBF is reportedly using Alameda funds to finance its extensive court battle.
Diagrams
This week we have chart analysis of Ethereum, RippleCardano, Solana and Litecoin – click here for the full price analysis.
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