Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Weeks Crypto R… – CryptoPotato

The past seven days made for quite an exciting week in the cryptocurrency field, despite the fact that some of the events werent particularly positive. However, the market managed to stabilize and consolidate, gaining around $14 billion in the process. Lets dive in.

On March 27th, the United States Commodities and Futures Trading Commission (CFTC) slapped Binance the worlds leading cryptocurrency exchange with a lawsuit. The 74-page complaint also included its CEO, Changpeng Zhao, and outlines multiple allegations, including that of neglecting the implementation of controls that would prevent illicit finance.

The complaint goes on and on, and you can find some of the details here. Its worth mentioning, though, that as soon as the news broke out, bitcoins price tumbled by about $1400 almost immediately. This also dragged the entire market through the mud, wiping billions off the total capitalization rapidly.

Fortunately, things appear to have calmed down, and, at the time of this writing, BTC trades at around where it was before the lawsuit. The same is true for 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 performed the best throughout the past seven days (at least amongst the top 20) is XRP. It absolutely dominated the markets during the week and is up a whopping 20% at times when most others struggle to trade in the green.

Its interesting to see if XRP will continue its rally or if a deeper correction is in the cards. However, the week also brought bad news from other fronts. Gary Gensler, the Chairman of the US Securities and Exchange Commission, is seeking more funds for his budget to continue cracking down on the industry, which he describes as the Wild West.

US POTUS Joe Biden also admitted that the banking crisis in the country might not be over yet, so its thrilling to see how the markets will shape up during these tumultuous and ever-volatile times.

Market Cap: $1,234T | 24H Vol: $54B | BTC Dominance: 44.6%

BTC: $28,463 (+0.1%) | ETH: $1,839 (+0.8%) | BNB: $319 (-3.6%)

MicroStrategy Repaid $205M Loan to Silvergate and Bought 6,500 More BTC.The worlds largest corporate holder of BTC has once again bought a considerable number of bitcoins after spending close to three months on the sidelines. Moreover, MicroStrategy also repaid a loan that was collateralized by BTC at a substantial discount.

Silicon Valley Bank Has a New Owner: Will Resume Work Today.The troubled financial institution Silicon Valley Bank has a new owner. Its offices opened earlier this week on 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 fully intends to continue his crackdown on the cryptocurrency industry. In fact, he is seeking additional funds for his budget to continue what he calls the Wild West crypto.

The US Banking Crisis Isnt Over Yet: Joe Biden.The President of the United States Joe Biden admitted that the banking crisis in the country is not over. Yet, he said that his administration has done what we needed to do executively while adding that he feels confident in the way things are settling out.

What are Binance and CZ Being Accused Of? A Closer Look at the CFTC Filing.The US Commodities and Futures Trading Commission filed a lawsuit against the worlds leading exchange Binance, and its CEO, Changpeng Zhao. We take a closer look at the complaint and point out some of the allegations.

SBF is Paying His Legal Fees Using Alamedas Money: Report.As if the revelations surrounding Sam Bankman-Fried and his now-defunct crypto exchange FTX werent enough, it also turns out that SBF is reportedly using Alameda money to fund his extensive court battle.

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Litecoin click here for the complete price analysis.

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

See original here:

Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Weeks Crypto R... - CryptoPotato

Related Posts

Comments are closed.