Weekly News: XRP Shines, Binance Sued, Warren’s Anti-Crypto Fails, & Ethereum’s Shanghai Upgrade!

Hey there! It’s time for your weekly dose of cryptocurrency news on Coinpedia. The cryptocurrency market had a successful March, with Bitcoin (BTC) leading the way with a gain of over 21%. BTC reached its highest point since June 2022, hitting $29,100. Additionally, Ether (ETH) rose 13%, XRP rose 41%, and the top-performing token was Mask Network’s MASK, which surged over 68% to $6.30. despite regulatory challenges and the collapse of crypto-friendly banks. Here’s a quick look at some of the top stories from the past week :

The Lawsuit Against Binance: What Happened?

On March 11, 2023, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, one of the world’s largest cryptocurrency exchanges, and its CEO for operating illegally in the United States. The news caused a drop in Bitcoin’s price and dragged down the entire market, leading investors to withdraw $1.6 billion worth of cryptocurrencies from Binance. The exchange saw $852 million in total withdrawals in the 24 hours after the CFTC complaint. However, on-chain data firm CryptoQuant found that net flows stayed within historical ranges, indicating that investors are not panicking and are still confident in the crypto market. It remains to be seen how the lawsuit will affect Binance’s operations and reputation in the long run.

XRP’s Outstanding Performance: What’s the Deal?

Despite its legal battles with the SEC, XRP has been performing exceptionally well in the markets, with gains of up to 20% at times. XRP seems to be gaining popularity in South Korea, as major Korean exchanges such as UpBit, Bithumb, and Korbit have seen billions of dollars in XRP trading volume, with UpBit leading the way at nearly $790 million worth of tokens traded. However, some of this trading volume may be the result of wash trading, a deceptive tactic. Rumors that XRP may be categorized as a commodity by the CFTC and the hope that Ripple will win its lawsuit against the SEC have contributed to a bullish outlook for XRP in the markets.

The Industry’s Crackdown Continues: What’s Next?

Gary Gensler, the chair of the SEC, has requested additional funding to continue the agency’s crackdown on the cryptocurrency industry. US President Joe Biden recently acknowledged that the banking crisis in the country might not be over yet, which could have negative consequences for the overall financial system. The increased regulatory pressure and uncertainty in the industry have caused some investors and traders to be cautious and potentially exit the market, which could lead to further volatility. The ongoing debate and potential regulatory changes could impact the growth and innovation of the crypto industry, which could have wider implications for the global economy.

Elizabeth Warren’s “Anti-Crypto Army” Strategy Backfires in Polls

Senator Elizabeth Warren’s “anti-crypto” agenda may not be as popular as she thought. Recent polls suggest that the majority of Americans see crypto as an important innovation for the future. Despite the positive public perception of crypto, Senator Warren has vowed to reintroduce an AML bill that would extend to decentralized finance and decentralized autonomous organizations. The bill would require crypto companies to collect and report customer information to the government in an effort to prevent money laundering. The bill has been met with criticism from crypto advocates who argue that it would stifle innovation and infringe on individuals’ privacy.

Unlocking 16 Million ETH: Ethereum’s Shanghai Upgrade!

Ethereum’s Shanghai upgrade is scheduled for April 12, 2023, and it will unlock 16 million ETH that has been staked since the Merge. The unlocking of 16 million ETH may lead to some selling pressure, but it is expected to increase demand for staking ETH due to improved liquidity options. Advisors see the upgrade as a positive change for Ethereum, as it will make the network more efficient and cost-effective to use, resulting in decreased gas fees. The upgrade may cause some temporary volatility in the market, but it also creates opportunities for traders. Overall, the Shanghai upgrade is a significant development for the Ethereum network and is expected to have a positive impact on the ecosystem.


That’s it for this week’s Coinpedia! Stay tuned for more updates, and let’s see where the market takes us next. 

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