The previous seven days have been a thrilling week for the cryptocurrency field, even though some of the events were not favorable. However, the industry recovered and gained around $14 billion, stabilizing and consolidating. Let’s explore further.
On March 27th, Binance, the world’s leading cryptocurrency exchange, and its CEO Changpeng Zhao received a lawsuit from the United States Commodities and Futures Trading Commission (CFTC). The 74-page complaint states multiple allegations, such as neglecting the implementation of controls that would prevent illicit finance. As soon as the news broke out, bitcoin plummeted by about $1400, which dragged the whole market, wiping billions off the total capitalization instantaneously.
Fortunately, the market appears to have calmed down, and at present, BTC trades around where it was before the lawsuit. The same is reflected in Ethereum. However, some of the other top altcoins, namely BNB, DOGE, MATIC, and SOL, are trading in the red. XRP is the cryptocurrency that dominated the markets throughout the week and is up by a significant 20% while the others struggle to trade in the green.
It’s interesting to see if XRP will sustain its rally or if a deeper correction is on the horizon. Unfortunately, the week also brought negative 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 described as “the Wild West.” US POTUS Joe Biden also acknowledged that the banking crisis in the US may not be over yet, adding excitement to how the market will perform 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%)
This Week’s Crypto Headlines You Can’t Miss
MicroStrategy Repaid $205M Loan to Silvergate and Bought 6,500 More BTC. The world’s largest corporate holder of BTC purchased a considerable number of bitcoins after staying on the sidelines for nearly three months. Additionally, MicroStrategy repaid a loan that was collateralized by BTC at a substantial discount.
Silicon Valley Bank Has a New Owner: Will Resume Work Today. Silicon Valley Bank, the troubled financial institution, has a new owner. The bank’s offices opened earlier this week, on March 27th, and is now owned by First Citizens BancShares.
Gary Gensler Wants More SEC Funding to Crack Down on ‘Wild West’ Crypto. The SEC Chairman intends to continue cracking down on the cryptocurrency industry and is seeking additional funds for his budget to continue what he calls the “Wild West” crypto.
The US Banking Crisis Isn’t Over Yet: Joe Biden. US President Joe Biden acknowledged that the banking crisis in the country is not over, and his administration has “done what we needed to do executively.” He also expressed confidence 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 Binance, the world’s leading exchange, and its CEO, Changpeng Zhao. We take a closer look at the complaint and outline some allegations.
SBF is Paying His Legal Fees Using Alameda’s Money: Report. Sam Bankman-Fried, who was already at the center of attention due to his now-defunct crypto exchange FTX, is reportedly using Alameda money to fund his extensive court battle.
We have chart analyses of Ethereum, Ripple, Cardano, Solana, and Litecoin this week – click here for the complete price analysis.