• The Commodities and Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, on March 27th.
• Bitcoin’s price dropped by $1400 shortly after the news broke out and this dragged the entire market down with it.
• Ripple was this week’s clear winner in terms of price performance, surging by 20%.
CFTC Files Lawsuit Against Binance
On March 27th, the United States Commodities and Futures Trading Commission (CFTC) filed a lawsuit against Binance – the world’s leading cryptocurrency exchange – including its CEO Changpeng Zhao. The 74-page complaint outlines multiple allegations, including that of neglecting to implement controls that would prevent illicit finance. 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.
Crypto Market Consolidates
Fortunately, things appear to have calmed down and at the time of writing bitcoin trades at around where it was before the lawsuit. The same is true for Ethereum. However, some of the other leading altcoins saw significant gains over this period such as BNB which rose by 40%, DOGE up 35%, MATIC 33% and XRP increased by 20%.
Price Performance
Ripple was this week’s clear winner in terms of price performance surging by 20% unfazed by Binance-CFTC Lawsuit while Bitcoin has consolidated its position in comparison to last week. Other top coins like Ethereum too have seen an increase in prices but not as much as Ripple which is currently trading at $1.37 according to CoinMarketCap data with a 24-hour volume of $58 billion.
Volatility Remains High
Despite all these events taking place throughout this week volatility still remains high across all major cryptocurrencies especially Bitcoin with swings between support levels around $55000-$60000 being quite common due to profit taking or fear of further regulatory action from US authorities on crypto exchanges like Binance etc .