Ripple (XRP) explodes by 20 % unimpressed by Binance-CFTC lawsuit, Bitcoin consolidated: Crypto review of this week
Ripple (XRP) explodes by 20 % unimpressed by Binance-CFTC lawsuit, Bitcoin consolidated: Crypto review of this week
The past seven days were a fairly exciting week in the field of cryptocurrency, although some of the events were not particularly positive. However, the market was able to stabilize and consolidate and won around $ 14 billion. Let's dive.
On March 27, the United States Commodities and Futures Trading Commission (CFTC) Binance - the world's leading cryptocurrency exchange - made a lawsuit. The 74-page complaint also included her CEO, Changpeng Zhao, and outlined several accusations, including neglecting the implementation of controls that would prevent illegal finances.
The complaint continues and continues, and you can find some of the details here. However, it is worth noting that Bitcoin's price fell almost immediately by about $ 1400 as soon as the message became known. This also tore the entire market into the dirt and quickly wiped billions from the overall capitalization.
The most obvious outlier and the cryptocurrency that has developed best in the past seven days (at least among the top 20) is XRP. It was absolutely dominated by the markets during the week and at times when most of the other difficulties have a whopping 20 % in the green area.
It is interesting to see whether XRP will continue its rally or whether a deeper correction is in sight. However, bad news from other fronts also brought the week. Gary Gensler, the chairman of the US stock exchange supervisory authority Securities and Exchange Commission, is looking for more means for his budget to continue to proceed hard against the industry, which he calls "wild west".
us Potus Joe Biden also admitted that the banking crisis in the country may not be over, so it is exciting to see how the markets will develop in these turbulent and always volatile times.
market data
Market capitalization: 1,234 T $ | 24-hour band: $ 54 billion | BTC dominance: 44.6 %
BTC: 28.463 $ (+0.1 %) | ETH: $ 1,839 (+0.8 %) | BNB: $ 319 (-3.6 %)
The crypto headlines this week that you are not allowed to miss
Microstrategy has repaid a loan of USD 205 million and bought another 6,500 BTC. The world's largest company owner of BTC has again bought a considerable number of bitcoins after spending almost three months on the sidelines. In addition, Microstrategy also repaid a loan secured by BTC with a significant discount.
The Silicon Valley Bank has a new owner: the work takes up again today. The battered financial institution - the Silicon Valley Bank - has a new owner. His offices were opened at the beginning of this week - March 27th. The bank is now owned by First Citizens Banchares.
Gary Gensler wants more SEC financing to act against "Wild West" crypto. The SEC chairman Gary Gensler has the firm intention to continue his approach to the cryptocurrency industry. In fact, he is looking for additional means for his budget to continue what he calls the cryptography of the "Wild West".
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 that his government "did what we had to do in the executive" and added that he was confident how things "calm down".
What is Binance and CZ accused? A closer look at the CFTC submission. The US Commodities and Futures Trading Commission submitted a lawsuit against the global leading stock exchange Binance and their CEO Changpeng Zhao. We take a closer look at the complaint and point out some of the allegations.
SBF pays his legal fees with Alameda's money: report. As if the revelations around Sam Bankman-Fried and his now dissolved crypto exchange FTX would not be enough, it also turns out that SBF reports alameda funds to finance his extensive judicial dispute.
diagrams
This week we have a chart analysis from Ethereum, Ripplecardano, Solana and Litecoin - click here for full price analysis.
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