The past seven days made for quite an exciting week in the cryptocurrency field, despite the fact that some of the events weren’t particularly positive. However, the market managed to stabilize and consolidate, gaining around $14 billion in the process. Let’s dive in.
On March 27th, 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 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. It’s worth mentioning, though, that as soon as the news broke out, bitcoin’s 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.
It’s 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 it’s thrilling to see how the markets will shape up during these tumultuous and ever-volatile times.
Market Data
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 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 Isn’t 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 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 is Paying His Legal Fees Using 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 money to fund his extensive court battle.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Litecoin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
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