Bitcoin and many other altcoins bounce back after witnessing a downtrend. Binance is the largest crypto exchange worldwide and was recently hit with a lawsuit by the CFTC. The case against Binance had consequences in the crypto market, as many tokens, including Bitcoin, saw a drop in their price. But new data shows that Bitcoin sees a rebound in price after its initial downtrend. Other altcoins followed suit, with BNB and XRP gaining back the value they lost upon the news of the lawsuit against Binance. Cardano wasn't far behind, as the altcoin would try to recover its massive loss since 2022.
In the Asian markets, Bitcoin witnessed massive growth in its price and value. At the time of writing, Bitcoin saw its price increase by 5.71% in the last 24 hours. In its weekly charts, the apex cryptocurrency increased by about 1.38%. This was an incredible stride compared to Bitcoin's price when the news of the Binance lawsuit broke out. After trading at less than $27k, Bitcoin is finally back where most traders would want it to be at over $28k. On Tuesday, Bitcoin dropped as low as $26,677 after the lawsuit from the Commodity Futures Trading Commission (CFTC).
Altcoins Increase in Price
Other altcoins are also following in the footsteps of Bitcoin in the market. Ethereum's price had also dropped after news about CFTC suing Binance. The second-largest cryptocurrency increased by about 5.25% in the last 24 hours and 1.51% in the previous seven days. XRP is one of the cryptocurrencies that is surprising traders the most. Despite having its own lawsuit in court, XRP has increased by an impressive 17.12% in the past 24 hours. Comparing its weekly charts, the cryptocurrency has risen by more than 26%.
The Binance coin has also seen incredible gains over the past 24 hours. It has increased in price after adding $8.75 to stand at 319.11. This is a 2.82% price increase in the past 24 hours. Comparing its weekly charts, BNB has decreased, courtesy of the lawsuit it is currently facing. It has been down for the past seven days by 3.20%.
The Binance Lawsuit
After the CFTC got to sue Binance, many people started to get agitated about the state of the crypto industry. What is the lawsuit all about, and could this be the end of the largest crypto exchange in the world? According to the Commodity Futures Trading Commission (CFTC), Binance was sued for breaking seven of its commodities laws. In their filing in court, the regulatory body had accused Binance of putting their interest at the expense of their US customers. The exchange was also charged with conducting other illegal deals against the commission.
In their defense, Binance CEO Changpeng Zhao wrote a blog post stating his company's position in the case and their thoughts. Binance CEO said he does not agree with what CFTC was accusing his company. "Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years. Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Binance CEO said.