Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Week’s Crypto Roundup

The last seven days have been quite an exciting week in the cryptocurrency field, despite some of the events not being particularly positive. However, the market managed to stabilize and consolidate, gaining around $14 billion in the process. Let’s dive in.

On March 27, the US 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 several allegations, including that of neglecting to implement controls that would prevent illegal financing.

The complaint goes on and on and you can find some of the details here. However, it is worth mentioning that as soon as the news broke, the price of bitcoin dropped by around $1,400 almost immediately. This also dragged the entire market through the mud, wiping billions of the total capitalization quickly.

Fortunately, things seem to have calmed down and at the time of writing, BTC is trading roughly 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 best performing cryptocurrency over the past seven days (at least in the top 20) is XRP. It absolutely dominated the markets during the week and is up as much as 20% at times 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 in the cards. However, the week also brought bad news from other fronts. Gary Gensler, chairman of the US Securities and Exchange Commission, is seeking more funding 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 may not be over yet, so it is exciting to see how the markets will shape up in these tumultuous and ever-volatile times.

Market data

Market Cap: $1234T | 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 6500 BTC more. The world’s largest corporate owner of BTC has again bought a significant number of bitcoins after spending close to three months on the sidelines. In addition, MicroStrategy also repaid a loan secured by BTC at a significant discount.

Silicon Valley Bank has a new owner: Will resume work today. The troubled financial institution – Silicon Valley Bank – has a new owner. The offices opened earlier this week – 27 March. 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 funding for the budget to continue what he calls the “Wild West” of crypto.

The American banking crisis is not over yet: Joe Biden. The President of the United States – ​​Joe Biden – admitted that the banking crisis in the country is not over. Still, he said his administration has “done what we needed to do executively,” while adding that he feels confident in the way things “are settling.”

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 refer to some of the allegations.

SBF pays its legal fees using Alameda’s money: Report. As if the revelations surrounding Sam Bankman-Fried and his now-defunct crypto exchange FTX were not enough, it also turns out that SBF is allegedly using Alameda money to fund his extensive legal battle.

Diagrams

This week we have chart analysis of Ethereum, Ripple, Cardano, Solana and Litecoin – click here for full price analysis.