Bitcoin rebounded in Wednesday morning trading in Asia after a slide earlier in the week when U.S. regulators filed a lawsuit against Binance, the world’s biggest cryptocurrency exchange. All other top 10 non-stablecoin cryptocurrencies gained ground. XRP continued to lead the winners, while Cardano followed. U.S. equities moved lower on Tuesday on broader worries about interest rates and the economy and as regulators proposed stricter rules on the U.S. banking industry.
See related article: Asia leads crypto regulations, innovation may leave the US, says Ripple’s Long
Fast facts
Bitcoin edged up 1.29% to US$27,290 in the 24 hours to 9:00 a.m. in Hong Kong, posting a weekly loss of 2.76%, according to CoinMarketCap data. The leading cryptocurrency see-sawed so far this week after the Commodity Futures Trading Commission’s (CFTC) filed a lawsuit against Binance for alleged violation of trading rules. Bitcoin dropped from around US$28,000 to a low of US$26,677 on Tuesday, and bounced back above the US$27,000 mark early Wednesday.
Ethereum also regained ground, rising 4.09% to US$1,776, but still down 0.78% for the past seven days.
XRP continued to lead the winners, jumping 10.04% to US$0.5215 for a rise of 12.92% over the seven days. The token continues to gain on expectations that Ripple Labs, whose crypto payment network is powered by XRP, may win a favorable ruling in a lawsuit filed against the company by the U.S. Securities and Exchange Commission. The SEC charged Ripple with selling an unregistered security in the form of XRP.
“The implications for the case are very broad-reaching for the crypto industry because we expect that this decision will ultimately set a precedent for how the U.S. government will look at categorizing crypto assets and regulating them,” Ripple Labs President Monica Long told Forkast.News on Tuesday.
Cardano posted the second largest gain among the top 10 non-stablecoin cryptocurrencies, jumping 6.68% to US$0.3678, but is still down 1.06% for the week.
Adding to regulatory tensions, a U.S. judge ordered a hold on Binance’s US$1.3 billion acquisition of bankrupt crypto lender…
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