Cryptos Gain After Binance Bombshell

Cryptocurrency market rebounded in the past 24 hours, recovering from the market impact triggered by unprecedented developments in the regulatory realm surrounding Binance.com, the world’s largest cryptocurrency exchange.

Binance Holdings Limited, the entity that operates Binance.com, had on Tuesday pleaded guilty and agreed to pay over $4 billion to resolve the U.S. Justice Department’s investigation into anti-money laundering, unlicensed money transmitting, and sanctions violations. Changpeng Zhao had also resigned from the post of CEO.

Overall crypto market capitalization increased more than 1 percent to $1.43 trillion, from $1.41 trillion a day earlier.

4th ranked BNB (BNB), the native cryptocurrency of Binance also recovered 0.8 percent in the past 24 hours. BNB is however saddled with weekly losses of close to 4 percent and year-to-losses of close to 5 percent.

Market leader Bitcoin gained 1.4 percent in the past 24 hours. At its current price of $37,768.92, BTC’s weekly gains are close to 4 percent while year-to-date gains exceed 128 percent. BTC’s 24-hour trading range has been between $37,978.23 and $36,923.86.

Bitcoin’s price movement comes amidst market reports that famed asset manager Ark Invest has been offloading investments in Grayscale Bitcoin Trust while simultaneously maintaining a heavily bullish stance on Bitcoin. Meanwhile, a Reuters report cites analysts at JPMorgan who estimate that GBTC could potentially witness $2.7 billion in outflows as investors take profit once GBTC gets converted to an ETF.

Ethereum outperformed Bitcoin, adding 2.5 percent in the past 24 hours. Ether has gained 7.8 percent in the past week and 76 percent in 2023. Ether touched a 24-hour high of $2,123.50, not far from the 52-week high of $2,137.45. The leading alternate coin is currently trading at $2,103.74.

5th ranked XRP (XRP) gained close to a percent overnight and 1.5 percent in the past 7 days.

7th ranked Solana (SOL) added 0.40 percent overnight but is yet to recoup losses of more than a percent recorded in the past week.

8th ranked Cardano (ADA) rallied 2.20 percent overnight and 4.7 percent in the past 7 days.

9th ranked Dogecoin (DOGE) gained 2.4 percent in the past 24 hours but has shed 7.5 percent over the past week.

10th ranked TRON (TRX) increased 1.3 percent overnight. Weekly losses are less than a percent.

102nd ranked Terra Classic (LUNC) gained a percent in the past 24 hours amidst reports of a court in Montenegro approving the requests to extradite Do Kwon, the founder and former CEO of Terraform Labs. However, it is not clear as to whether he would be extradited to South Korea or the U.S.

74th ranked Blur (BLUR) topped overnight gains with a surge of close to 20 percent. 68th ranked Mina (MINA) and 100th ranked Fetch.ai (FET) also added more than 10 percent in the past 24 hours.

46th ranked FTX Token (FTT) declined 11.5 percent in the past 24 hours, followed by 37th ranked THORChain (RUNE) that slipped 7.5 percent during the same period.

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