Bitcoin and Ethereum Experience Ups and Downs Following Binance Lawsuit

The filing alleges this was due to an “ineffective compliance program” on Binance’s part. The exchange allowed the trading of various financial instruments, including margin, futures, options, swaps, and leveraged transactions for cryptocurrencies such as Bitcoin, Ethereum, and Litecoin starting in July 2019. Despite this, Binance reportedly sought retail and institutional customers from the United States while disregarding regulatory requirements under Zhao’s leadership, as stated in the court filing.

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Increased volatility

Bitcoin briefly reached $29,000 but later dropped to below $28,000. However, Bitcoin has had a positive trend recently, with gains in three out of five days following the Binance lawsuit news. Bitcoin is up by 19.1% in March, and it is on track for its best month since January 2023, when it gained 38.7%. So far this year, Bitcoin has risen by 69%.

Ethereum also saw a similar pattern, dropping from its intraday high of $1,828 to around $1,785 on Thursday afternoon. Nonetheless, it has increased by 7.8% this month and 49% year-to-date.

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