Introduction
On a daily basis, a lot of changes occur in the crypto market related to the lawsuit, finance, prices, firms, investors, and many other sectors. Today we will cover the news related to each and every sector that occurred this week.
1: Hong Kong Regulators Host Round Table To Discuss Boost For Crypto Firms:
Different measures are being taken by the Hong Kong authorities to make themselves a hub for cashless money in the market. A roundtable discussion is being planned to be held on April 28. HKMA (Hong Kong Monetary Authority) and the Securities and Futures Commission (SFC) are thinking of holding a joint session to ease direct analogue, share real-life experiences, and maintain bank accounts. Some doubts have been in the mind of the government related to the cryptocurrency industry, but in the last month, the policies to convert the country into a centre for digital assets have been unveiled. However, many problems, such as the establishment of banking and payroll accounts and anti-money laundering, have been faced by the government.
2: US prosecutors hit FTX with new bribery charges
Last day, a new case against Sam Bankman-Fried was filed by US prosecutors, and he is accused of bribing Chinese government officials with $40 million. In the words of government prosecutors, the hedge funds held by Bankman were frozen by the Chinese government, and the payments were directed to unfrozen accounts by the founder. The account was unfrozen by the Chinese after the bribes were transferred from the hedge fund to a private cryptocurrency wallet. The bribe was completed after Bankman-Fried authorised the transfer of millions of dollars.
3: The Banking Crisis Boosted the Crypto Industry in the United States
It is stated by CEO Michael Novogratz that the adrenaline shot due to the banking crisis has led to the unbelievable resilience of bitcoin. This reminds me that the banking system of the United States is weak. A net loss of $1 billion in 2022 was reported missing, and the company estimates to have profit in 2023 to make positive gains on the balance sheet.
4: Stabilisation of Bitcoin Around $27,000 and the Lawsuit Against Binance
The investor pondered the repercussions of the U.S., which stabilised Bitcoin at $26,669, or $27,000. An illegal exchange programme against Bitsce and its founder was the subject of a lawsuit led and by the CFTC (Commodity Futures Trading Commission).At $3, the bitcoin price of BTC is now $27,225, having increased by around 1% in the last 24 hours. The market’s largest cryptocurrency has dropped to $26,669 USD.BTC has dropped 3% in the last three weeks from $28,000 after the lawsuit was filed on Monday. Meanwhile, the second cryptocurrency rose by approximately 4% and reached about $1,772.
Cryptocurrency Price Today, March 29: Bitcoin, Tether, and Ethereum
The worldwide crypto market capital is around $1.16 trillion, which is 2.33% more than the last 24 hours. The volume of crypto during the last 24 hours decreased by 6.54%, which put it at $40.27 billion.
On the other hand, the volume of DeFi is $3.69 billion at present, which is almost 10% of the total crypto volume, while the majority of the volume is stable coin, which accounts for $35.96 billion and 89.31% of the volume.
The current cost of bitcoin is $28,570, with a dominance of 45.83%, which had a decrease of 0.43% over a day according to CoinMarketCap.
| Name | Price (USD) | 24H% |
| Bitcoin | 28,568.10 | -0.15% |
| Ethereum | 1,800.21 | 2.96% |
| Tether | 1.00 | -0.98% |
| Cardano | 0.38 | 7.61% |
| Binance Coin | 315.27 | – 0.33 |
| Palkdot | 5.56 | -1.76 |
| Dogecoin | 0.075 | 0.59 |
| XRP | 0.53 | 10.43 |
1: Bitcoin Retains Its Position on March 30 As It Increases By 72%
Bitcoin has risen in the first quarter of 2023 and has experienced its best gains within the last two years. The rise is almost 2% and hit the price of $28,500, with a total market value of $542 billion. This surge occurred after the speculation of many experts, who concluded that the price would fall as little as 76% since the crash of Bitcoin in November 2022. The rise of Bitcoin has surpassed the second-largest cryptocurrency, Ether, which is seeing a 50% increase in price quarterly.
2: Withdrawal of 20 million XRP Causes Rise In Trading Volume
After South Korea withdrew 20 million XRP, which was valued at around $11.4 million and was redirected to various addresses, this caused a surge in XRP prices. While 19 million XRP was transacted somewhere, 4 million XRP was given back to Upbit. The combined volume of XRP trading is more than four times that of Bitcoin, which is $4 billion.
3: XRP rises, Bitcoin holds steady in the banking crisis
Cryptocurrencies that have functioned most differently during recent weeks are BTC and XRP. While the trade of bitcoin has taken place between $27,000 and $28,000 during the last two weeks, on the other hand, XRP is trading at a sharp price of $0.60. The performance of XRP indicates how investors feel about the lawsuit brought by the SEC (US Securities and Exchange Commission) against Ripple in 2012.
4: US SEC Chair Testifies on Digital Assets
Chair Gary Gensler has to appear before the House Financial Services Committee to face questions regarding hidden rulemaking and digital assets. This interview will be the first hearing that will happen on April 18 to face questions. It is noted that the committee has great control over the SEC and will lay down a regulatory system for digital assets.
5: Bitcoin Holds Price Above $28k
The price of Bitcoin remains above $28,000, but the other coins are facing a decline.
- While BTC exchanges take place around $28,350, which is up 0.2%, Ether fell to 1,800, which showed a 1% decline.
- Many altcoins like XRP, ADA, and BNB have also shown a decline.
- SOL and Litecoin took the most damage, with drops of 3% and 2.2%, respectively.