Cheer up baby, a new week is about to end and it can’t be any other way than with this fresh cryptonews weekly recap!
In a week where the major cryptocurrencies have maintained their uptrend, there are some signs that are negatively affecting the market. The most important one is the turbulence that Binance, the world’s leading exchange by market capitalization, is currently undergoing. Will the giant fall like it already happened with FTX?
Let’s take it one step at a time. Let’s start by talking about the great performance that cryptocurrencies are showing in the market. Undoubtedly, this 2023 is being a party for those who took the opportunity to “buy the dip” of last year. XRP and ADA have led a market that is experiencing a true green spring.
XRP is (and will be) the diva of the market. Ripple’s cryptocurrency is rising at a breakneck pace amid growing rumors that the company will be victorious in its court dispute against the SEC.
On the other hand, our trading expert encourages us to keep a close eye on Ethereum’s development. With just over two weeks to go until its highly anticipated “Shapella” upgrade, ETH continues to show positive trends and is inching closer and closer to the $2,000 mark.
Lido DAO (LIDO) also made headlines this week thanks to an 18% rise in just a few hours – we reported it to you first on Crypto Economy!
Moving on to Bitcoin, the most popular crypto, this week it went back above $29,000 and, although it then pulled back a bit, our analyst shows that the prospects are very good in the short term. $30,000, here we come?
But it hasn’t been all roses this week. It’s just that dangers in the cryptocurrency market are always lurking and recent history has shown us that we can’t afford to be careless.
Binance, the world’s largest exchange, is fighting a battle on several fronts against regulators, judges and speculators. Is it in danger of going down, as FTX already did? We analyze it here:
Let’s see, the news surrounding the Exchange and its CEO, CZ, has piled up this week and more than a few are beginning to foresee an end similar to what happened to FTX and Sam Bankman-Fried.
First, the CFTC’s lawsuit caught not only the exchange by surprise, but also CZ, who is a central party to the allegations. You can see more details HERE. For another, a federal judge forced a halt to Binance’s impending acquisition of bankrupt lender Voyager Digital, which appeared to have already closed.
Binance.us, the Binance subsidiary in the United States, is at the center of controversy due to increasing scrutiny from regulatory agencies in the North American country. As a result, Binance.us has announced that it has temporarily suspended the withdrawal and deposit of BUSD, although it claimed that this is due to the recent banking crisis in the US.
Despite this, it is too early to say for sure that Binance will end up being the new FTX. Undoubtedly the CZ company has given ample proof of liquidity and has withstood several similar attacks in recent years.
Still, it’s always good to keep an eye on the latest news. And for that, there is NOTHING better than Crypto-Economy. Remember to follow us on our networks and keep up to date with our latest news.
See you next time!